Importation: CBN Launches Price Verification System Portal

The Price Verification System (PVS) portal by the Central Bank of Nigeria has gone live, the Apex bank has said.

This follows the successful conduct of the pilot run, and various training held with banks in the country, the bank noted.

In a statement signed by the Director, Trade and Exchange Department, CBN, Dr O.S. Nnaji, the Apex bank said “with effect from August 31, all applications for Form M shall be accompanied by a valid price verification report generated from the PVS portal.”

Form M is a mandatory statutory document to be completed by all importers for importation of goods into Nigeria.

And the life span of a Form M varies according to the nature of a business.

The statement added: “For the avoidance of doubt, by the circular, the Price Verification Report has become a mandatory trade document precedent to the completion of a Form M.

“All authorised dealers are hereby advised  to bring this to the attention of their customers as any case of infraction will be appropriately sanctioned. ”

The CBN further called for strict compliance from all concerned.