The Central Bank of Nigeria (CBN) announced that it will discontinue its Price Verification System (PVS) Portal starting July 1, 2024, due to recent developments in the Nigerian Foreign Exchange Market. This decision was communicated via a circular issued by W.J. Kanya, the acting director of the Trade & Exchange Department, referencing an earlier circular from August 2023.

The PVS Portal was created to ensure accurate pricing of goods and services in foreign exchange transactions, aiming to prevent over-invoicing and under-invoicing. With the new directive, applications for Form ‘M’ will no longer require a Price Verification Report from the PVS Portal, simplifying the process for authorized dealer banks and the public.

Stakeholders in the banking and finance sectors are encouraged to update their procedures in line with this policy change. Further guidance from the CBN is expected as the new system is implemented.