Regulatory Alerts2024-06-26 | TED/FEM/PUB/FPC/001/020Discontinuation of the Central Bank of Nigeria Price Verification System Portal
The Central Bank of Nigeria is discontinuing its Price Verification System Portal, which was previously used to validate applications for Form 'M'. This change will take effect on July 1, 2024, and from that date onwards, Form 'M' applications will no longer require a Price Verification Report for completion. This announcement is directed towards authorized dealer banks and the general public.
TRADE AND EXCHANGE DEPARTMENT 09 46237800 09 46237804 E-mail address: ted@cbn.gov.ng TED/FEM/PUB/FPC/001/020 June 26, 2024 TO: ALL AUTHORISED DEALER BANKS, AND THE GENERAL PUBLIC Dear Sir, DISCONTINUATION OF THE CENTRAL BANK OF NIGERIA PRICE VERIFICATION SYSTEM PORTAL circular dated August 17, 2023 We refer the referenced to 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 (PVS). In view of recent developments in the Nigerian Foreign Exchange Market, the CBN hereby discontinues the Price Verification System (PVS).
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.
DR. W. J. KANYA Ag. DIRECTOR TRADE & EXCHANGE DEPARTMENT