On Thursday night, the Central Bank of Nigeria (CBN) introduced a foreign exchange (FX) price verification system (PVS) portal to assist importers have access to forex.
Upon the announcement on Thursday night, the CBN said that the price verification report from the portal is now mandatory for all Form M requests, which will take effect from August 31, 2023.
The Form 'M' is a declaration of intention to import physical goods into Nigeria. It's a mandatory document that needs to be completed by any individual or group intending to import physical goods into the country. Whether the goods are in exchange for payment or not, Form M must be completed.
This process is to give transparency in forex transactions which will have the details on how the customers got the foreign currency and at what rate the country currency was converted.
There have been complaints of round-tripping, especially against banks and their officials, putting pressure on the Nigerian Naira in the FX market which has further added to the devaluation of the country's currency.
Read more: https://www.investingport.com/cbn-launches-fx-price-verification-portal-for-importers/