The Central Bank of Nigeria (CBN) has announced the termination of the Foreign Exchange Price Verification System (PVS) used by importers.
The announcement was made through a statement from W. Kanya, the Acting Director of the Trade and Exchange Department, on Wednesday.
The CBN has stated that, effective July 1, 2024, the PVS will no longer be required for the processing of ‘Form M’.
“The recent changes in the Nigerian Foreign Exchange Market have led to the discontinuation of the PVS,” the CBN stated.
Starting from July 1, 2024, ‘Form M’ applications will be processed without the need for the Price Verification Report previously generated via the PVS Portal.
The bank clarified that the Price Verification Report should no longer be considered a necessary document for ‘Form M’ completion.
It is noteworthy that the PVS portal was initiated by the CBN in August of the previous year during a period of foreign exchange instability.
This decision coincides with the Naira maintaining a steady rate of N1507.83 to the dollar as of the close of Wednesday.
