Discover how the Central Bank of Nigeria-CBN is revolutionizing transparency and accountability in the banking sector through its innovative Price Verification System (PVS) portal.
The Central Bank of Nigeria (CBN) is furthering banking sector transparency, accountability, and standardization with the recent launch of the Price Verification System (PVS) portal.
What is the Price Verification System Portal?
Purpose and Importance
The Price Verification System portal has been introduced as a response to the need for increased transparency and standardization in trade operations within Nigeria.
Implementation Date
On August 17th, the CBN made the official announcement about the launch of this portal.
It will become fully operational from August 31, 2023.
The New Mandate: Form M and Price Verification Report
Significance of the Price Verification Report
From the end of August 2023, every application for Forms M will need to be accompanied by a valid Price Verification Report.
Exclusive to the newly introduced Price Verification Portal, this report holds significant trade value.
This enhances financial transaction regulation and streamlining in the banking sector.
CBN’s Directive to Banks
Alert to Authorized Dealers
CBN has emphatically instructed authorized dealers to notify customers about this new protocol, stressing the imperative of adherence.
Non-compliance Penalties
CBN has been clear that deviations or non-adherence to this protocol will result in sanctions.
Call to Action for Financial Institutions
Banks and financial institutions must promptly adjust to this system. Seamless implementation is not just for their benefit but is crucial for the broader Nigerian economic landscape.
A Look Back: Previous Interventions
Embracing Digital Transformation
In January 2022, CBN introduced the e-evaluator and e-Invoice.
This move was to replace traditional hard copy final invoices used in import and export transactions.
Aim of e-evaluation and e-invoice Introduction
The aim was to regulate imports and exports, particularly when unit prices differed by over 2.5% from verified global prices.
Such transactions faced queries, and successful completion for either Form M or Form NXP was not allowed.
Official Disclosure
CBN’s intent was transparently communicated through a circular titled, “Guidelines on the introduction of e-evaluation, e-invoice for import and export in Nigeria.
” It was directed at all authorized dealers and the general public.
The announcement was endorsed by its Director, Trade and Exchange Department, Dr. O. S. Nnaji.
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