Naira To Dollar: CBN Speaks on New Foreign Exchange Market Policy

The Central Bank of Nigeria (CBN) has distanced itself from reports claiming that it has initiated new policy actions in Foreign Exchange Market.

Newsmen reports that the apex bank in a statement on Thursday on its official Twitter handle, described the report as "old press release."

The CBN stated that the said report which has now been doing the rounds on social media was published on February 20, 2017, and not a recent publication as purportedly claimed.

"We would like to bring to your attention that the attached images currently circulating on social media are from an old Press Release dated 20th February 2017 and should be disregarded," the bank said.

Meanwhile, the CBN on Thursday introduced a foreign exchange price verification system designed for importers to have access to forex.

The bank disclosed this in a statement from its Trade and Exchange Department on Thursday night.

The apex bank revealed that a price verification report from the portal is now mandatory for all Form M requests.

According to the Central Bank, the price verification portal takes effect from August 31, 2023.

The statement read, "Following the successful conduct of the pilot run and various trainings held with all the banks, the Central Bank of Nigeria hereby announces the Go- Live of the Price Verification System (PVS).

"All applications for Forms M shall be accompanied by a valid price verification report generated from the price verification portal.

"For the avoidance of doubt, by this circular, the price verification report has become a mandatory trade document precedent to the completion of a Form M."