In a bid to promote transparency and ensure precise pricing within international trade operations, the Central Bank of Nigeria (CBN) has officially unveiled its Price Verification System (PVS) portal. This blog post will explore the key aspects of this important development and its implications for Nigeria’s banking and business sectors.
Ahead of the official launch, the Central Bank of Nigeria conducted a successful trial of the Price Verification System, accompanied by comprehensive training sessions involving all banks. This ensured that authorized dealers were well-prepared to effectively utilize the portal and provide guidance to their clientele.
Starting from August 31, 2023, it is mandatory for all applications seeking Form M to include a valid price verification report sourced from the newly introduced PVS portal. Referred to as the PV report, this document is now an indispensable trade requirement that must be submitted before finalising Form M.
The Price Verification System’s implementation aims to introduce a higher degree of precision and openness to international trade endeavors. By necessitating a PV report, the CBN is ensuring that the declared prices of goods being imported or exported conform to existing market rates. This strategic move is designed to discourage instances of inaccurate pricing, thereby promoting equitable trade practices.
Authorized dealers, pivotal in facilitating trade, must effectively communicate this new prerequisite to their customers. Non-compliance with the PV report submission could lead to appropriate penalties, as stipulated by the circular distributed by the CBN.
The unveiling of the Price Verification System (PVS) portal by the Central Bank of Nigeria is a noteworthy stride towards enhancing transparency, precision, and fairness in global trade activities. This innovative step guarantees that the prices noted in trade documents align with current market rates, ultimately benefiting Nigeria’s economy and commercial arena. As the deadline of August 31st looms, enterprises, and authorised dealers must adjust to this fresh demand, fostering a more responsible and streamlined trade landscape.
Nigeria’s reported a 24% inflation rate for the month of July 2023. Refer to trendswatch.co article on the recent CPI data published by the Nigerian Bureau of Statistics – NBS.
