The Central Bank of Nigeria (CBN) has announced the discontinuation of the Price Verification System (PVS), saying effective July 1, 2024, Form ‘M’ would be validated without the price generated from the portal.
The PVS had been introduced as part of efforts to streamline and secure financial transactions in the country. The PVS is designed to ensure the integrity of financial data, enhance the security of transactions, and improve overall efficiency within the Nigerian financial system.
This was stated in a circular released by the CBN on Wednesday night titled, “Discontinuation of the Central Bank of Nigeria Price Verification System Portal” signed by the Acting Director, Trade and Exchange, Dr. W. J. Kanye.
The circular stated that, “in view of recent developments in the Nigerian Foreign Exchange Market, the CBN hereby discontinues the Price Verification System (PVS).
“Consequently, with effect from July 01, 2024, all applications for Form ‘M’ shall be validated without the Price Verification Report generated from the Price Verification Portal. For the avoidance of doubt, by this circular the Price Verification Report is no longer a requirement for the completion of a Form ‘M’.”