CBN Discontinues Price Verification System Portal
The Central Bank of Nigeria (CBN) has announced decision to stop its Price Verification System (PVS) Portal, effective July 1, 2024, according to an official statement from the apex lender posted on its website.
This decision comes in light of recent developments in the Nigerian ⁴Foreign Exchange Market, the monetary policy authority stated.
The announcement was made through a circular issued by W.J. Kanya, the acting director of the trade & exchange department, referencing the previous circular dated August 17, 2023, titled “Go-Live of the Central Bank of Nigeria Price Verification System Portal”.
The Price Verification System Portal is an online platform introduced by the CBN to ensure that the prices of goods and services for foreign exchange transactions were accurately verified.
It aimed to prevent over-invoicing and under-invoicing, thus ensuring fair pricing in Nigeria’s import and export activities.#CBN Discontinues Price Verification System Portal Digitilisation of Capital Market ‘ll Address Unclaimed Dividends – SEC assures
