As of July 1, importers will no longer be able to access the foreign exchange pricing verification system webpage, according to the Central Bank of Nigeria.
It further said that filing a Form ‘M’ will no longer be necessary in order to receive the Price Verification Report.
A declaration of intent to import tangible commodities into Nigeria is made on Form ‘M’.
In a circular published on its website on Wednesday, the apex bank revealed this information and stated that it made the decision in light of recent changes to the Nigerian foreign exchange market.
The warning was sent to all authorised dealer banks as well as the general public, and it was signed by W. J. Kanya, Acting Director of the Trade and Exchange Department.
It was titled, “Discontinuation Of The Central Bank Of Nigeria Price Verification System Portal.”
The CBN announced in August 2023 that, beginning on August 31, 2023, pricing verification through the site would be required for all Form M requests.
The portal was implemented under the administration of the former acting Governor of the Central Bank of Nigeria, Folashodun Shonubi. It is an extension of the e-evaluator and e-invoice that the CBN introduced in 2022 to replace hard copy final invoices in FX documentation processes, monitor goods imported into Nigeria, and facilitate the collection of import duties where appropriate.
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.
