Regulatory Alerts2024-02-14 | TED/FEM/PUB/FPC/001/005Allowable Deviation Limit on The Price Verification System
The Central Bank of Nigeria has adjusted the allowable deviation limit on the Price Verification System for exports and imports to -15% and +15% of the global average prices, respectively, due to global inflation and other challenges. This system aims to curb over-invoicing and under-invoicing by monitoring the declared prices of import items that deviate from the global average. The CBN emphasizes that the PVS is designed to curtail excessive foreign exchange outflows rather than determine item prices for tariffs or duties.
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fx
advisory