The Nigerian Economic Summit Group (NESG) has expressed support for the Central Bank of Nigeria’s (CBN) recent decision to end the Price Verification System (PVS) for foreign exchange transactions.
According to NESG, this move will eliminate regulatory hurdles and enhance macroeconomic stability, as stated in a communique issued over the weekend.
The Central Bank of Nigeria (CBN), in a recent circular, announced that starting from July 1, importers will no longer require Form ‘M’ applications to undergo validation via the Price Verification Report from the PVS.
The Price Verification System Portal, launched by the CBN, serves to verify the accuracy of prices for goods and services involved in foreign exchange transactions. Its purpose is to curb over-invoicing and under-invoicing, thereby promoting fair pricing in Nigeria’s import and export sectors.
The Price Verification System (PVS) is an online platform introduced by the Central Bank of Nigeria (CBN) to ensure the accuracy of prices for goods and services involved in foreign exchange transactions. Its primary objectives are to prevent over-invoicing and under-invoicing in import and export activities, thereby promoting fair pricing and reducing the likelihood of fraudulent practices in the foreign exchange market. The system requires importers to validate prices through the PVS, aiming to enhance transparency and stability in Nigeria’s foreign exchange transactions.
