Are you familiar with the Nigerian PRICE VERIFICATION SYSTEM (PVS)? Read on to find out more about it.
The Price Verification System (PVS) is an initiative by the Central Bank of Nigeria to benchmark the price of imported items in line with global standards.
Objective
Controling Foreign Exchange (FX) remittance in the foreign exchange market in Nigeria, enhancing transparency and ensuring fair pricing in the Nigerian import market.
The Price Verification System (PVS) portal by the Central Bank of Nigeria has gone live, in a statement signed by the Director, Trade and Exchange Department, CBN, Dr. O.S. Nnaji, the Apex bank said, “with effect from August 31, all applications for Form M shall be accompanied by a valid price verification report generated from the PVS portal.” (Please see below letter)
About PVS:
The Price Verification System is built to monitor the remittance of Foreign Exchange by importers in the foreign exchange market, while the importers will get to register on the system using their Tax Identification Number (TIN).
The system does not impact the judgement of the Nigeria Customs Service (NCS) on duty payment as the NCS has its own benchmark for price review. It has a pricing threshold between - 2.5% to +2.5%. The price of import item(s) within this range is acceptable for import, otherwise it will be rejected.
Price Verification System PVS
Authorized Dealer Bank duties:
1. Form Verification:
With the PVS reference generated, the Authorized Dealer Bank will verify the Form created. The Form M reference will be used to create a relationship with the single window portal. This is done by the Financial Institution (The Reviewer).
2. Form Approver:
Following the form verification, the form will be approved by the Financial institution (The Approver) to confirm all necessary actions have been verified and the Form is valid.
Cotecna is excited to announce that the Price Verification System is now accessible to all importers and Authorized Dealer Banks (ADB).
Don’t hesitate to contact us if you are experiencing difficulties with your PVS for further clarification, and for more information about SONCAP programme, download our exporter guide.