NESG backs CBN’s stoppage of price verification system on FX

The Nigerian Economic Summit Group (NESG) has backed the recent decision of the Central Bank of Nigeria to discontinue the Price Verification System (PVS) for foreign exchange transactions, saying it will remove regulatory bottlenecks and boost macroeconomic stability.

Daily Trust reports that the CBN in a recent circular, revealed that starting from July 01, applications for Form’ M’ will no longer be needed by importers for validation via the Price Verification Report from the PVS.

• Cybercrimes Act: Despite amendment, clampdown on journalists persists
• Rotational presidency good but…- ex-Presidential spokesman

The NESG in a communique released Sunday noted that, “With a more efficient importation process, the manufacturing sector will benefit from timely access to essential inputs as it will enable higher levels of production and enhance the sector’s contribution to GDP. The increase in industrial output will have a positive spillover effect on other sectors, further stimulating economic activity.

“In the same vein, the reduction in bureaucratic bottlenecks will make Nigerian businesses more competitive globally. Lower operational costs and improved efficiency will enable businesses to offer more competitive prices, increase market share, and expand their export potential. This will contribute to a favorable balance of trade and strengthen Nigeria’s position in the global economy.”