The Central Bank of Nigeria (CBN) has denied allegations that it has implemented new foreign exchange market policy measures.
According to Naija News, in a statement posted on its official Twitter account on Thursday, the apex bank referred to the article as a “old press release.”
The CBN asserted that the aforementioned news, which is currently making the rounds on social media, was really published on February 20, 2017, not as recently as had been alleged.
The bank stated, “We would like to draw your attention to the fact that the accompanying photographs now doing the rounds on social media are from an old Press Release dated February 20, 2017 and should be ignored.
In the meantime, the CBN on Thursday unveiled a method for verifying foreign exchange prices that is intended to give importers access to forex.
This information was provided by the bank on Thursday night in a statement from its Trade and Exchange Department.
The apex bank disclosed that all Form M requests must now include a pricing verification report from the portal.
The Central Bank reports that the price verification site would go into operation on August 31, 2023.
“The Central Bank of Nigeria hereby announces the Go- Live of the Price Verification System (PVS) following the successful conduct of the pilot run and various trainings held with all the banks,” the statement said.
“A valid price verification report generated from the price verification portal shall be enclosed with all applications for Forms M.”To be clear, the price verification report has been become a required trade document prior to filling out a Form M by this circular.