The Central Bank of Nigeria (CBN) has announced a significant change in import procedures, discontinuing the mandatory use of the foreign exchange (FX) price verification system (PVS) portal. This decision, effective from July 1, 2024, marks a departure from the previous requirement established in August 2023.

W. J. Kanya, the acting director of CBN's trade and exchange department, issued a statement on Wednesday outlining the policy shift. The move is attributed to recent developments in Nigeria's foreign exchange market and aims to simplify the import process.

Under the new guidelines, importers will no longer need to obtain a Price Verification Report when submitting Form M applications. Form M, a crucial document for declaring intentions to import goods into Nigeria, will now be processed without this additional step.

The CBN emphasized that this change applies to all Form M applications moving forward. The statement clarified, "For the avoidance of doubt, by this circular, the Price Verification Report is no longer a requirement for the completion of a Form 'M'."

This policy update is expected to streamline import procedures and potentially reduce processing times for Nigerian importers. The CBN's decision reflects an ongoing effort to adapt regulations to the evolving dynamics of the national forex market.​​​​​​​​​​​​​​​​