The Central Bank of Nigeria has introduced a Price Verification System (PVS) portal.
Starting from August 31, 2023, the CBN mandates that all applications for Forms M must be accompanied by a valid Price Verification Report, which can be generated from the newly launched PVS Portal.
This implies that the Price Verification Report will now be a prerequisite trade document required for the completion of Form M.
The Apex Bank disclosed this development in a statement by the Director, Trade and Exchange Department, Dr O.S Nnaji, on Thursday.
The statement read, “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).
“Consequently, with effect from August 31, 2023, applications for Forms M shall be accompanied by a valid price verification report generated from the Price Verification Portal.
“For the avoidance of doubt, by this circular, the price verification report has become a mandatory trade document precedent to the completion of a Form M.
“All authorized dealers are advised to bring this to the attention of their customers as any case of infraction would be appropriately sanctioned.”
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