The Central Bank of Nigeria (CBN) has announced the launch of the Price Verification System (PVS) portal, marking a significant milestone in the country’s importation process.
After a successful pilot run and comprehensive training sessions with banks, the CBN has deemed the PVS portal operational and ready for use.
Dr. O.S. Nnaji, the Director of the Trade and Exchange Department at the CBN, signed a statement highlighting the importance of the PVS portal. According to the statement, starting from August 31, all applications for Form M, the mandatory document for importing goods into Nigeria, must be accompanied by a valid price verification report generated from the PVS portal.
The lifespan of a Form M varies depending on the nature of the importer’s business. As clarified by the circular, the Price Verification Report is now a mandatory trade document that must be acquired before the completion of a Form M.
In light of this development, the CBN has urged all authorized dealers to inform their customers about this requirement to ensure compliance. Any violation of this regulation will be met with appropriate sanctions.
In an effort to streamline the importation process and maintain transparency, the CBN is calling for strict compliance from all stakeholders involved. The implementation of the PVS portal is expected to enhance the efficiency and accountability of the importation system in Nigeria.
With the introduction of the PVS portal, importers are now required to submit a valid price verification report when applying for Form M. This new system aims to safeguard against dishonest pricing practices and prevent fraudulent activities within the importation sector.
The launch of the PVS portal showcases the CBN’s commitment to modernize and digitize processes within the Nigerian economy, ultimately fostering economic growth and promoting fair trade practices.
As Nigeria continues to position itself as a major player in international trade, the implementation of the Price Verification System portal marks a significant step towards creating a more streamlined and efficient importation process.
