Following the successful conduct of the pilot run and various trainings held with all the banks, the Central Bank of Nigeria (CBN) hereby announces the GoLive of the Price Verification System (PVS).
Consequently, with effect from August 31, 2023, all applications for Forms M shall be accompanied by a valid Price Verification Report generated from the Price Verification Portal.
In a circular signed by DR. O.S. Nnaji, Director, Trade & Exchange Department and signted by Business Hilights, the apex bank made it clear that “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.
“All Authorised Dealers are hereby advised to bring this to the attention of their customers as any case of infraction will be appropriately sanctioned.
“Please ensure compliance.
