The Nigerian Economic Summit Group (NESG) is praising the Central Bank of Nigeria’s (CBN) decision to eliminate the Price Verification System (PVS) for foreign exchange transactions. This change is expected to simplify the import process and boost the country’s economy.
Previously, importers needed approval through the PVS before accessing foreign currency to pay for imports. NESG argues that removing this hurdle will allow manufacturers quicker access to essential supplies. This should lead to increased production and a greater contribution to Nigeria’s GDP. The positive effects are expected to ripple throughout the economy, with increased industrial output stimulating activity in other sectors.
NESG also believes the streamlined process will make Nigerian businesses more competitive internationally. Reduced bureaucracy and lower operational costs will allow businesses to offer better prices, gain market share, and expand their export potential. This could lead to a positive trade balance and strengthen Nigeria’s position in the global market.
Source: Daily Trust