In an effort to reduce delays and procedural burdens associated with foreign exchange transactions – particularly the requirement to obtain a Price Verification Report (‘’PVR’’) before processing Form M, the Central Bank of Nigeria (‘’CBN’’) issued a circular on June 26, 2024 addressed to all Authorized Dealer Banks and the public, announcing the discontinuation of the Central Bank of Nigeria Price Verification System Portal (‘’the Circular’’).

The Price Verification System (PVS) Portal, introduced in 2023 to verify the prices of imported goods, was designed to enhance transparency in foreign exchange transactions. However, with the issuance of this Circular, the PVS Portal has now been discontinued to facilitate trade processes and alleviate procedural bottlenecks.

Read the full publication.