The Central Bank of Nigeria (CBN) yesterday suspended its FX Price Verification System (PVS) portal, effective 01 July. The discontinuation came 10 months after the portal’s launch in August last year.
The PVS portal was designed to curb over-invoicing and under-invoicing in international trade transactions. Importers were required to submit a Price Verification Report generated by the portal as part of their Form M application, a declaration for importing physical goods.
In a circular, the CBN attributed the PVS’s discontinuation to “recent developments in the Nigerian Foreign Exchange Market.” The circular did not elaborate on the specific market conditions that necessitated this decision.
The circular reads: “Given recent developments in the Nigerian Foreign Exchange Market, the CBN hereby discontinues the Price Verification System. Consequently, with effect from July 01, 2024, all applications for Form ‘M’ shall be validated without the Price Verification Report generated from the Price Verification Portal.”
