The Central Bank of Nigeria (CBN) has announced the discontinuation of its Price Verification System (PVS) portal, effective July 1, 2024.
CBN announcement comes after recent developments in the Nigerian Foreign Exchange market.
In a circular issued by the Trade and Exchange Department, signed by Acting Director James Dr. W. J. Kanya, the CBN stated that all applications for Form ‘M’ will no longer require a Price Verification Report generated from the PVS portal.
The circular read, “DISCONTINUATION OF THE CENTRAL BANK OF NIGERIA PRICE VERIFICATION SYSTEM PORTAL
“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 (PVS).
“In view of recent developments in the Nigerian Foreign Exchange Market, the CBN hereby discontinues the Price Verification System (PVS).
“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.”
