The Central Bank of Nigeria will halt the foreign exchange price verification system portal used by importers from July 1.
The apex bank says the Price Verification Report will no longer be required for the completion of a Form ‘M’. The Form ‘M’ is a declaration of intention to import physical goods into Nigeria.
The CBN disclosed this information in a circular on its website on Wednesday adding that it took the decision due to recent developments in the Nigerian Foreign Exchange Market.
The notice signed by the Acting Director of the Trade and Exchange Department, W. J. Kanya, was addressed to all authorised dealer banks, and the general public.
“Discontinuation Of The Central Bank Of Nigeria Price Verification System Portal.”
Last year in August, the CBN said price verification from the portal was compulsory for all Form M requests, effective from August 31, 2023.
A former acting governor, Folashodun Shonubi introduced the portal hosted on the e-evaluator and e-invoice introduced by CBN in 2022 to replace hard copy final invoices in documentation processes for FX and monitor imported goods, as well as enable the collection of import duties where applicable.
The circular read, “We refer to the circular dated August 17, 2023, referenced TED/FEM/PUB/FPC/001/008 and titled “Go-Live of The Central Bank of Nigeria Price Verification System Portal” on the deployment of the Price Verification System.
“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.
“For the avoidance of doubt, by this circular, the Price Verification Report is no longer a requirement for the completion of a Form ‘M’. Please note and be guided accordingly,” the notice concluded.