The Central Bank of Nigeria, CBN, says a system for verifying foreign exchange prices has been put in place to provide importers access to forex.

This move is an effort to stabilise naira against dollar at the foreign exchange market.

The portal is set to be launched by end of August 2023, this could be a game changer if its well managed.

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

“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),” the statement reads.

“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,” the statement read.

The CBN further warned that any infraction will result in appropriate sanctions while urged all authorized dealers to inform their clients of the development.

“Please, ensure compliance”.

The new development comes days after the acting CBN governor, Folashodun Shonubi, vowed to sanction forex speculators.