CBN Clarifies Forex Policy Reports, Launches Price Verification Portal

The Central Bank of Nigeria (CBN) has debunked rumours that it has issued new policy actions on the foreign exchange market.

The apex bank said that the reports circulating on social media were based on an old press release dated February 20, 2017, and not a recent publication as claimed by some sources.

The CBN made this clarification on Thursday night on its official X, formerly Twitter handle, urging the public to disregard the misleading information. The bank said that it remains committed to ensuring stability and transparency in the forex market.

Meanwhile, the CBN has announced the launch of a price verification system (PVS) for importers to access foreign exchange for their transactions. The bank said that the PVS is designed to verify the prices of imported goods and services and prevent over-invoicing and under-invoicing.

According to a statement from the CBN’s Trade and Exchange Department, the PVS is now operational and a valid price verification report from the portal is required for all Form M applications. Form M is a mandatory document for importers to access foreign exchange from the official window.

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).

“All 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.”

The CBN said that the PVS will take effect from August 31, 2023, and advised all importers and authorized dealers to comply with the directive. The bank said that the PVS will enhance efficiency and transparency in the forex market and support its efforts to safeguard the value of the naira.

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