The Central Bank of Nigeria says it will discontinue the foreign exchange price verification system portal used by importers on July 1.
It also noted that the Price Verification Report will no longer be a requirement for completing Form ‘M’. The Form ‘M’ is a declaration of intention to import physical goods into Nigeria.
The apex bank disclosed this information in a circular posted on its website on Wednesday, adding that it decided given recent developments in the Nigerian foreign exchange market.
The notice signed by the Acting Director of CBN’s Trade and Exchange Department, W. J. Kanya, was addressed to all authorised dealer banks, and the public. It was titled “Discontinuation of The Central Bank Of Nigeria Price Verification System Portal.”
In August 2023, the CBN said price verification from the portal was mandatory for all Form M requests, effective August 31, 2023. “For the avoidance of doubt, by this circular, the Price Verification Report is no longer a requirement for the completion of a Form ‘M’. Please note and be guided accordingly,” the notice concluded.
