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CBN launches a price verification portal for FX transactions.
By: Peace Adisa
The Central Bank of Nigeria (CBN) has launched a foreign exchange price verification system, specifically created for importers to have access to forex, in an effort to sanitize the foreign exchange market.
This was announced by the CBN on Thursday evening in a statement from its Trade and Exchange Department, which also stated that all Form M requests were now required to include a price verification report from the portal.
The new rule will be in place as of August 31, 2023.
“Following the successful conduct of the pilot run and various trainings held with all the banks, the Central Bank of Nigeria hereby announces the Go- Live of the Price Verification System (PVS),” the announcement said.
“A valid price verification report generated from the price verification portal shall be enclosed with all applications for Forms M. “To be clear, the price verification report has been become a required trade document prior to filling out a Form M by this circular.
The CBN would properly discipline any breach, the top bank warned all authorized dealers, urging them to alert their clients of the development.
The apex bank remarked, “Please, ensure compliance.”
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