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The Central Bank of Nigeria has announced that it will no longer use the foreign exchange price verification system portal for importers, starting from July 1.
Also, the Price Verification Report will no longer be necessary for completing a Form ‘M’, which is a declaration of intention to import physical goods into Nigeria.
This decision was communicated in a circular on the apex bank's website on Wednesday, citing recent developments in the Nigerian Foreign Exchange Market.
The notice signed by the Acting Director of the Trade and Exchange Department, W. J. Kanya, was addressed to all authorised dealer banks and the general public.
It was titled, 'Discontinuation Of The Central Bank Of Nigeria Price Verification System Portal.'
In August 2023, the CBN had said price verification from the portal was mandatory for all Form M requests, effective from August 31, 2023.
The portal, which was introduced while Folashodun Shonubi was the former acting CBN Governor, is an enhancement of the e-evaluator and e-invoice implemented by CBN in 2022 to replace physical final invoices in the documentation process for FX and to monitor imported goods into Nigeria.
It also facilitates the collection of import duties where applicable.
According to the circular dated August 17, 2023, referenced TED/FEM/PUB/FPC/001/008 and titled 'GO-LIVE OF THE CENTRAL BANK OF NIGERIA PRICE VERIFICATION SYSTEM PORTAL,' "the deployment of the Price Verification System is discontinued due to recent developments in the Nigerian Foreign Exchange Market.
"As a result, starting from July 01, 2024, all applications for Form ‘M’ will be validated without the need for the Price Verification Report generated from the Price Verification Portal.
"It is important to note that, as per this circular, the Price Verification Report is no longer mandatory for completing a Form ‘M’. Please take note of this and act accordingly.
