The Central Bank of Nigeria has launched a novel foreign exchange rate confirmation system targeted at importers, aiming to facilitate their access to forex.

The apex bank, through its Trade and Exchange Department, issued a statement on Thursday evening, declaring the mandatory requirement for a price verification report from the portal for all Form M requests, starting from August 31, 2023.

The announcement emphasized the successful trial phase and comprehensive training conducted with various banks, heralding the official commencement of the Price Verification System (PVS).

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Going forward, every application for Forms M must include a valid price verification report obtained from the designated portal.

The circular underlined the essential role of the price verification report as a prerequisite trade document before finalizing a Form M.

The Central Bank urged authorized dealers to notify their clients about this new procedure and sternly cautioned against any violations, emphasizing appropriate penalties for non-compliance.

The CBN concluded with a resolute directive to ensure adherence to the stipulated regulations.