The Central Bank of Nigeria says it will discontinue the foreign exchange price verification system portal used by importers from July 1.
It also noted that the Price Verification Report will no
longer be a requirement for the completion of a Form ‘M’.
The Form ‘M’ is a declaration of intention to import
physical goods into Nigeria.
The apex bank disclosed this information in a circular
posted on its website on Wednesday adding that it took the decision given
recent developments in the Nigerian Foreign Exchange Market.
The notice signed by the Acting Director of the Trade and
Exchange Department, W. J. Kanya, was addressed to all authorised dealer banks,
and the general public.
It was titled, “Discontinuation Of The Central Bank Of
Nigeria Price Verification System Portal.”
In August 2023, the CBN had said price verification from the
portal was mandatory for all Form M requests, effective from August 31, 2023.
The portal introduced during the tenure of former acting
governor, Folashodun Shonubi, is a build-up on the e-evaluator and e-invoice
introduced by CBN in 2022 to replace hard copy final invoices in documentation
processes for FX and monitor goods that are imported into Nigeria, as well as
enable the collection of import duties where applicable.
The circular read, “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.
“Given recent developments in the Nigerian Foreign Exchange
Market, the CBN hereby discontinues the Price Verification System.
“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,” the notice concluded.