CBN Stops FX Price Verification System Portal for Importers from July 1

The Central Bank of Nigeria (CBN) has announced that it will discontinue the use of the foreign exchange price verification system portal for importers starting from July 1. The Price Verification Report will no longer be required for the completion of a Form ‘M’, which is a declaration of intention to import physical goods into Nigeria.

The decision was disclosed in a circular on the CBN’s website, signed by the Acting Director of the Trade and Exchange Department, W. J. Kanya. The notice, addressed to all authorized dealer banks and the general public, cited recent developments in the Nigerian Foreign Exchange Market as the reason for this change.

In August 2023, the CBN had mandated price verification from the portal for all Form ‘M’ requests effective from August 31, 2023. The portal was introduced during the tenure of former acting governor Folashodun Shonubi as an extension of the e-evaluator and e-invoice systems launched in 2022. These systems were designed to replace hard copy final invoices in FX documentation processes and to monitor imported goods and collect import duties where applicable.

The circular stated:

“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.”

This move indicates a shift in CBN’s approach to foreign exchange regulation and import documentation, potentially easing the process for importers.