Nigeria Central Bank Launches Forex Price Verification Portal, Makes Price Verification Report Compulsory For Dealers

The Central Bank of Nigeria (CBN) has recently introduced a new system to verify foreign exchange prices. This system, called the Price Verification System (PVS), is accessible through a portal specifically designed for this purpose. The CBN announced the launch of the PVS in a statement released by Mr. O. S. Nnaji, the bank's Director of Trade and Exchange Department.

Starting from August 31, 2023, all applications for Forms M, which are used for importation purposes, must include a valid Price Verification Report generated from the Price Verification Portal. This report has become a mandatory requirement before a Form M can be completed.

The CBN conducted a successful pilot run of the PVS and provided training sessions to all the banks involved. As a result, they have now officially implemented the system and expect full compliance from all authorized dealers.

It is crucial for authorized dealers to inform their customers about this new requirement. Any violation of the mandatory Price Verification Report will be met with appropriate sanctions.

This initiative by the CBN aims to enhance transparency and ensure fair pricing in the foreign exchange market. By verifying the prices through the Price Verification System, the CBN can monitor and control the accuracy of foreign exchange transactions.

This new development demonstrates the CBN's commitment to maintaining a stable and reliable foreign exchange market in Nigeria. It is a significant step towards promoting a fair and competitive trading environment for all market participants.

The Central Bank of Nigeria's launch of the Forex Price Verification Portal and the mandatory requirement of a Price Verification Report for Forms M signify the importance of transparent and accurate pricing in the foreign exchange market. This initiative will contribute to the overall stability and fairness of the market, benefiting both traders and consumers alike.