The Central Bank of Nigeria, CBN has announced it will halt the foreign exchange price verification system portal used by importers starting July 1st.
This decision was disclosed in a circular addressed to authorized dealer banks and the public, on the CBN’s website. It was signed by the Acting Director of the Trade and Exchange Department, W. J. Kanya. It stated that the Price Verification Report will no longer be necessary for completing Form ‘M’, a declaration of intention to import goods into Nigeria.
Last August, the CBN made price verification from the portal compulsory for all Form M requests, effective from August 31, 2023.
The portal was initially introduced by former acting governor Folashodun Shonubi in 2022 to replace hard-copy invoices and monitor imported goods.