The Central Bank of Nigeria (CBN) has announced the discontinuation of its Price Verification System (PVS) portal, effective July 1, 2024.
The decision marks a reversal from the CBN’s earlier directive to mandate the inclusion of Price Verification Reports for all Form ‘M’ applications.
The Price Verification System was launched last year following extensive training sessions with Nigerian banks, aimed at ensuring compliance with international trade standards and enhancing operational efficiencies.
Its introduction was part of broader efforts by the CBN to digitize and modernize trade documentation processes.
The initial deployment of the Price Verification System was aimed at bolstering transparency and standardizing trade operations within the Nigerian Foreign Exchange Market.
However, analysts say recent developments have prompted the CBN to reassess its approach, leading to the decision to terminate the portal.
The Acting Director of the Trade & Exchange Department at the CBN, Dr. W. J. Kanya, made the CBN’s position known in a ciruclar issued on Wednesday.
The circular titled, Discontinuation of the Central Bank of Nigeria Price Verification System Portal, was authorised to all authorised dealer banks and the general public.
He stated, “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,” the statement says.
The Price Verification Report, previously a mandatory requirement for completing Form ‘M’, will no longer be necessary.
Analysts say this adjustment reflects the CBN’s ongoing efforts to streamline and regulate financial transactions and documentation within the banking sector.
The apex bank advised authorized dealer banks are to comply with the new directive.
This latest development follows earlier regulatory changes introduced by the CBN, including the adoption of e-evaluator and e-invoice systems for import and export transactions in January 2022.
These initiatives were aimed at replacing traditional documentation methods with electronic alternatives to improve efficiency and compliance in trade operations.
