Price Verification System Lunched for Importers – CBN

The Central Bank of Nigeria (CBN) has taken a significant step towards enhancing import trade by launching the Price Verification System (PVS) for importers.

The introduction of the PVS follows a successful pilot run and comprehensive training sessions conducted in collaboration with all banks. This move aims to streamline import processes and ensure transparency in pricing.

The apex bank also joined forces with the Financial Services Regulation and Coordinating Committee (FSRCC) and the National Broadcasting Commission (NBC) to issue a joint advisory to Nigerians, warning against engaging with Illegal Financial Operators (IFOs), often referred to as Ponzi schemes. These schemes present serious risks to public confidence and the stability of Nigeria’s financial system.

• Fuel Price in Nigeria to Continue Rising with Dollar’s Surge: IPMAN President Highlights Market Forces Impacts
• Fuel price hits N617 per litre
• Nigerian Importers to Gain Access to Cotonou Ports for Goods Clearance
• Price of beers to soar in Nigeria – Nigerian Breweries
• Enugu Govt directs biometric capture of LG staff

• Nigerian Breweries Inks Agreement with Daystar Power for 4.2MWp Solar Plant
• Nigeria’s Passport Application Goes Digital: A Step Toward Streamlined Processes
• United Nigeria Airlines Flight Diverted Due to Weather, Causes Passenger Confusion
• Future of university education in Nigeria lies on sustainable funding – TETFund
• This award will cement the blossoming relationship between Shell Companies in Nigeria and ESUT – MD SPDC
• Shakeup in Police: 14 AIGs, 26 CPs Redeployed by IGP
• NDLEA Denies Recruiting Underaged Nigerians Amid Social Media Backlash

The circular issued by the CBN on August 17, 2023, and signed by Dr. S. O. Nnaji, the Director of the Trade and Exchange Department, mandates that all applications for Form M be accompanied by a valid Price Verification Report from the Price Verification Portal starting from August 31, 2023. This report becomes a prerequisite for completing Form M, and all Authorized Dealers are obligated to communicate this change to their customers.

The circular underscores the importance of compliance, with the statement indicating that any non-compliance will result in appropriate sanctions. The Form M’s validity lasts for 180 days for general merchandise and 365 days for plant and machinery. Extensions can be granted by Authorized Dealers, with further extensions requiring approval from the CBN.

The FSRCC and NEC jointly emphasize the severity of dealing with unlicensed or illegal financial operators. They encourage the public to verify the licensing status of such companies and schemes on respective regulatory websites before investing. The statement also urges individuals to report any suspected involvement in these activities to law enforcement agencies and the designated toll-free lines.

This joint effort by the regulatory bodies reflects their commitment to safeguarding the financial well-being of Nigerians and maintaining public trust. The CBN and its partners continue to carry out regular sensitization campaigns to raise awareness about the threats posed by illegal financial operators. This advisory builds upon a similar warning issued in April 2022, underscoring the urgency of addressing this issue in the interest of financial stability and the public’s welfare.