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The Central Bank of Nigeria (CBN) has recently launched a foreign exchange price verification system portal to provide importers with access to forex.
This new system requires all Form M requests to be accompanied by a valid price verification report generated from the portal. The price verification portal will be effective starting from August 31, 2023.
The CBN has conducted a pilot run and provided training to all banks in preparation for the implementation of this system.
It is important for authorized dealers to inform their customers about this development, as any violation of the requirements will be subject to appropriate sanctions.
Article updated 3 weeks ago. Content is written and modified by multiple authors.
