CBN launches Price Verification System Portal

The Central Bank of Nigeria (CBN) on August 17th announced the official launch of its Price Verification System (PVS) portal, following a successful pilot phase and extensive training sessions held with all Nigerian banks.

Starting from August 31, 2023, the CBN mandates that all applications for Forms M must be accompanied by a valid Price Verification Report, which can be generated exclusively from the newly established Price Verification Portal.

This move aims to enhance transparency, accountability, and standardization in trade operations within the nation.

With this declaration, the Price Verification Report will now be a prerequisite trade document required for the completion of a Form M. This adjustment signifies the CBN’s continuing efforts to streamline and regulate financial transactions and documentation in the banking sector.

The CBN has taken a strong stance, alerting all authorized dealers to ensure their customers are informed of this new protocol. It has emphasized that any deviation or non-compliance will attract appropriate sanctions.

Banks and financial institutions are urged to adapt quickly to this new system and ensure seamless implementation for the benefit of their clients and the broader economic landscape of Nigeria.

Flash Back

In January 2022, the central bank announced the introduction of e-evaluator and e-Invoice to replace hard copy final invoices as part of the documentation required for all import and export transactions.

The regulations meant imports, and exports with unit prices that are more than 2.5% of the verified global checkmate prices would be queried and will not be allowed for successful completion of either Form M or Form NXP.

This disclosure was made by the CBN in a circular titled, “Guidelines on the introduction of e-evaluation, e-invoice for import and export in Nigeria” addressed to all authorised dealers and the general public, and signed by its Director, Trade and Exchange Department, Dr. O. S. Nnaji.