The Central Bank of Nigeria (CBN) has announced the discontinuation of the foreign exchange price verification system portal for importers, effective July 1.

The Price Verification Report will no longer be a requirement for completing Form ‘M’, a declaration of intention to import physical goods into Nigeria.

The CBN made this announcement in a circular posted on its website, citing recent developments in the Nigerian foreign exchange market.

The circular, signed by the Acting Director of the Trade and Exchange Department, W. J. Kanya, was addressed to all authorized dealer banks and the public.

The price verification portal was introduced in August 2023 as a mandatory requirement for all Form M requests. However, with this new development, importers will no longer need to verify prices through the portal to complete Form M applications.

The CBN’s decision aims to simplify the import process and align with the current state of the foreign exchange market. The move is expected to reduce bureaucracy and facilitate trade in the country.