The Central Bank of Nigeria (CBN) has announced the official launch of the Price Verification System (PVS) .
The apex bank made the announcement following a successful pilot run of the system and series of trainings conducted for banks and officials.
The system is scheduled to go live from the 31st of August, 2023.
The PVS requires importers and exporters of goods and services into and out of Nigeria to register on CBN’s dedicated electronic portal.
The portal must be operated by CBN’s appointed service provider.
After they have been successfully registered and authentication has been successfully done, a verification report and digital certificate will be issued to the importer/exporter, which is valid for one year.
The announcement was made in a written document published on the apex bank’s website and also forwarded to all banks.
The document read;
“Following a successful pilot run and in furtherance of its drive to ensure transparency and accuracy in trade transactions, the Central Bank of Nigeria has announced the official Go-Live of the Price Verification System (PVS). Consequently, all applications for Form M must include a valid Price Verification Report generated from the price verification portal as from August 31st, 2023. This report has now become a mandatory trade document and is a prerequisite for the completion of a Form M.”
This means that effective August 31, 2023, all applications for Forms M shall be accompanied by a valid Price Verification Report (PVR). The PVR must be generated from the CBN’s Price Verification Portal.
Imports and exports with prices more than 2.5% of the verified prices will be queried and will not be approved for Form M.
Form M is a mandatory documentation process introduced by CBN and the Nigeria Customs service. It is put in place by the Federal Government of Nigeria through the Federal Ministry of Finance .
It is basically to monitor goods that are brought into Nigeria, as well as enable the collection of import duties.
The PVS is set up to help streamline and regulate financial transactions and documentation in the banking sector.
The CBN also urged all approved dealers to let their customers know about this change and to “Please ensure compliance.” The bank stated that anyone who breaks the rules will face the right punishment.
