Importers in Nigeria now face a new foreign exchange regulatory obligation to generate a mandatory foreign exchange document called Price Verification Report which must accompany all application for Form M.
The Central Bank of Nigeria in a circular dated 17th August, 2023 said it had launched a portal where importers could obtain the Foreign Exchange (FX) Price Verification Report which must accompany their Form M application.
Form M is a mandatory statutory document to be completed by all importers for the importation of goods into Nigeria. It has a validity period of 180 days for general merchandise and 365 days for plant and machinery, extendable upon application.
Obviously, Nigeria’s reserve bank has taken the step as a strategic move to maintain a firmer control of the country’s foreign exchange system.
The CBN had in June enacted a unification of all sectors of the FX market, signifying the conclusion of its direct control over the forex market.
“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),” CBN stated.
The apex bank added: “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.
Please ensure compliance.”
Commercial banks have begun to intimate their customers about the development. Polaris Bank in a mail to its customers today clarified that the CBN was yet to provide the URL of the portal where the Price Verification Report could be retrieved.
“Central Bank of Nigeria A price verification system portal that will help importers to generate Price Verification Report required for Form M application with effect from August 31, 2023
“By this circular, Price Verification Report becomes a mandatory trade document that will accompany Form M application. Please note that the url through which the portal can be accessed is yet to be provided by the CBN. We will make it available as soon as it is released by the CBN,” the bank stated in the mail to its customers earlier on Friday.
