CBN launches a Platform for FX Price Verification.

A foreign exchange pricing verification mechanism has been launched by the Central Bank of Nigeria to provide importers access to forex.

A price verification report from the portal is now required for all Form M requests starting on August 31, 2023, according to a statement from the apex bank’s Trade and Exchange Department on Thursday evening.

“Following the successful conduct of the pilot run and various trainings held with all the banks, the Central Bank of Nigeria hereby announces the Go-Live of the Price Verification System (PVS),” the statement said.

“A valid price verification report generated from the price verification site shall be submitted with all Forms M applications.

For the avoidance of doubt, the price verification report has been made a required trade document that must be completed before a Form M may be submitted, per this circular.

The CBN further stated that any infraction will be appropriately sanctioned while urged all licenced dealers to advise their clients of the move.

The apex bank continued, “Please make sure compliance.”