By Modupe Gbadeyanka
From Thursday, August 31, 2023, importers in the country will only be able to access foreign exchange (FX) through the price verification system (PVS) introduced by the Central Bank of Nigeria (CBN).
About two weeks ago, the central bank said importers who need forex would be required to use a transparent platform as part of efforts to strengthen the Naira and minimize arbitrage in the system.
To access FX for trade transactions, the price verification report is now a mandatory document to be submitted along with Form M.
Business Post provides details of how importers can go through this process without any hassle.
The first step required is registration, with suppliers and importers expected to supply the company TIN, Name, and other vital details, as shown in the image below.
After this is completed, a user would be required to login and click on the ‘Create Form’ sub-menu under the Form M menu item, with a reference number automatically generated and displayed.
On the form creation page is the Applicant and Beneficiary Details page. All the compulsory fields on the form must be filled. The user is then required to click ‘Save and Proceed’ to continue with form creation.
The next stage is the Line Items Details page, which must be filled as required.
Click ‘Save and Proceed’ to continue with form creation.
- Click to add as many line items as required
- Click to remove a line item
- Click to use the bulk upload feature by uploading a csv/xlsx file based on the required template containing all line items to be added.
NOTE: You are required to fill in the new form fields generated from HS Code selection.
The next stage is the Summary Details page. Kindly fill in all compulsory fields on the form and click ‘Save and Proceed’ to continue with form creation.
After this is completed, another stage is for the Shipping Details page, which must be completed, and then click ‘Save and Proceed’ to continue with form creation.
Note: The Expected Shipment Date field does not have to be the actual shipment date; it could be a tentative date
The last stage of the form creation is the Validation Details page. All the compulsory fields on the form must be entered, and then click ‘Save and Proceed’.
Upon submission, a Price Verification Report is generated and sent to the institution’s email address and is also available to the institution users on the portal for download.
Note: The form cannot be edited once the Report has been generated.
The user is then required to go to the ‘View Forms’ Page to view all forms created under the institution.
Click on the ‘Download XML’ button on the popover menu that is displayed. The XML File is automatically downloaded to the user’s device.
