The Central Bank of Nigeria (CBN) will discontinue its Price Verification System (PVS) Portal starting July 1, 2024.
In a circular issued on Wednesday, the CBN cited recent developments in the Nigerian Foreign Exchange Market as the reason for this decision.
The announcement, made by W.J. Kanya, Acting Director of the Trade & Exchange Department, also referenced a previous circular from August 17, 2023, about the launch of the PVS Portal.
The PVS Portal was an online platform designed to ensure accurate pricing of goods and services in foreign exchange transactions, preventing over-invoicing and under-invoicing.
With this new directive, all applications for Form ‘M’ will be validated without requiring a Price Verification Report from the PVS Portal. The circular noted that the Price Verification Report is no longer necessary for completing a Form ‘M’.
This policy change aims to streamline processes for authorized dealer banks and the general public, easing the procedural burden associated with foreign exchange transactions.
