The Central Bank of Nigeria has introduced a Price verification system.
The Department of Trade and exchange department made this announcement on X Thursday.
The implementation of the price verification system mandates that any One intending to import goods into the country must utilise this system to acquire a Price Verification Report.
The statement titled GO-LIVE OF THE CENTRAL BANK OF NIGERIA PRICE VERIFICATION SYSTEM PORTAL ,signed by DR. OS Nnaji, the director of Trade and exchange department.
The statement reads in part “Following the successful conduct of the pilot run and various trainings held with all the banks, the Central Bank of Nigeria hereby announces the Go- Live of the Price Verification System (PVS).
Consequently, with effect from August 31, 2023, all applications for Forms M shall be accompanied by a valid Price Verification Report generated from the Price Verification Portal.
For the avoidance of doubt, by this circular, the Price Verification Report has become a mandatory trade document precedent to the completion of a Form M.”
The acquisition of this report has now become a prerequisite for the completion of Form M, a vital document necessary for the importation of goods.
“All Authorised Dealers are hereby advised to bring this to the attention of their customers as any case of infraction will be appropriately sanctioned.” The statement added
