CBN Introduces Foreign Exchange Price Verification System

The Central Bank of Nigeria (CBN) has introduced a foreign exchange price verification system, specifically designed for importers to have access to forex.

The CBN disclosed this in a statement from its trade and exchange department, adding that a price verification report from the portal was now mandatory for all form m requests.

The new measure takes effect from August 31, 2023.

The apex bank urged all authorised dealers to inform their customers of the development, adding that the CBN would appropriately sanction any case of infraction.

“With those remittances, the dollars have come in, we know the dollars have come in but we don’t see them in the official system. So, they must be going somewhere and somewhere,” Shonubi said.

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“And the challenge with the black market, unofficial market or parallel market or whatever name you want to call it, it is as a result that it is not regulated, and it becomes an easy place to have criminal activities.

“We investigate bankers, not just banker s, anybody who has committed an offense, the first thing they want to do is to run to the black markets, change it to the dollars because it is less money to carry around.”

The apex bank boss said the CBN is implementing measures within the country to manage illicit remittances. The financial regulator said putting those measures in place would help direct remittance flows through proper channels, maximizing economic benefits for growth.