The Central Bank of Nigeria (CBN) has said that effective August 31, 2023, all applications for Form M must be accompanied by a valid Price Verification Report (PVR), which must be generated from its price verification portal.
In a circular dated August 17, 2023, and signed by its Director, Trade and Exchange Department, Dr. Ozoemena Nnaji, the apex bank also announced the “Go Live” of the price verification system, following the successful conduct of the pilot run and various trainings held with all the banks.
CBN said going forward, the PVR must be treated as a mandatory trade document precedent to the completion of a Form M.
The CBN also directed all authorised dealers to bring the development to the attention of their customers as any case of infraction will be sanctioned.
The CBN’s announcement was subsequent to the January 2022 disclosure that effective February 1, 2022, all import and export operations would require the submission of an electronic invoice (e-invoice) authenticated by Authorised Dealer Banks (ADBs) on the Nigeria Single Window portal known as the Trade Monitoring System (TRMS).
The apex bank noted that the introduction of the e-valuator and e-invoice would replace hard copy final invoice as part of the documentation required for all import and export transactions.
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