CBN Introduces GO-LIVE Price Verification Portal for Importers
The Central Bank of Nigeria (CBN) has introduced the GoLive Price Verification System (PVS) for importers.
According to the apex bank, this follows the successful conduct of the pilot test and the various trainings held with all the banks.
This is exactly as the Financial Services Regulatory and Coordinating Committee (FSRCC) led by the Central Bank of Nigeria (CBN), in conjunction with the National Broadcasting Commission {NBC}, advised Nigerians to stop associating with Illegal Financial Operators (IFOs), otherwise known as Ponzi schemes that launch in different forms.
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Form M is a mandatory statutory document to be completed by all importers to import goods into Nigeria.
Therefore, all importers must complete and register Form "M" with authorized dealers when placing orders, regardless of whether the transaction is valid for exchange. This is currently being launched electronically on a trade portal provided by the Central Bank of Nigeria in conjunction with the Nigeria Customs Service
In a circular addressed to all banks dated August 17, 2023 and signed by the Director of Commerce and Trade Department of the CBN, Dr. S. O. Nnaji, the CBN noted that
As of August 31, 2023, all Form M requests must 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 commercial document prior to the completion of an M form.
“All authorized resellers are urged to bring this to the attention of their customers as any instances of violations will be sanctioned appropriately. Please ensure compliance,” the statement reads in part.< /p>
Available records show that the life of a Form M is 180 days (for general goods) and 365 days (for plant and machinery), after which an extension of 180 days (for general merchandise) and 365 days (for plant and machinery) may be granted on Form M by the authorized dealer. Any further extension must be approved by the Central Bank of Nigeria (CBN).
Meanwhile, in a joint statement available on the CBN's website, regulators warn that their growing activities portend serious risks to public confidence and the stability of Nigeria's financial system.
"The FSRCC and the NEC, in their continued efforts to end the scourge of IFOs in Nigeria, hereby issue the following notice to the general public:
"Refrain from dealing with unlicensed or illegal financial operators, who lure and defraud unsuspecting members of the public by offering extraordinary investment returns as bait.
"Check the licensing status of these companies and programs on the following websites before investing in them: CBN: httos://www.cbn.gov.ng; NAICOM: https://naicom.gov.ng ; PenCom: htips://www.pencom.gov.ng d. SEC: https://sec.gov.ng," the statement read in part.
Therefore, the committee wants the public to report any person or entity suspected of being involved in such harmful activities to law enforcement and call their toll-free lines.
"Member agencies will continue to conduct regular awareness campaigns on the threats posed by the activities of illegal financial operators.
“Further inquiries may be directed to: The Director, Financial Policy and Regulation Department/Secretary, FSRCC, Central Bank of Nigeria, and/or I. The Executive Commissioner, Legal and Enforcement, Securities and Exchange Commission", the most advisable statement.
A similar warning was issued in April 2022, but most Nigerians continue to frequent these IFOs.
According to the committee therefore, the warning comes because these illegal financial operators lure and defraud unsuspecting public members by offering extraordinary investment returns as bait.
The FSRCC was established by the CBN in April 1994 to deal more effectively, through regular inter-agency consultations and meetings, with matters of common concern to regulators and supervisors
READ ALSO IN NIGERIAN TRIBUNE
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The Central Bank of Nigeria (CBN) has introduced the GoLive Price Verification System (PVS) for importers.
According to the apex bank, this follows the successful conduct of the pilot test and the various trainings held with all the banks.
This is exactly as the Financial Services Regulatory and Coordinating Committee (FSRCC) led by the Central Bank of Nigeria (CBN), in conjunction with the National Broadcasting Commission {NBC}, advised Nigerians to stop associating with Illegal Financial Operators (IFOs), otherwise known as Ponzi schemes that launch in different forms.
Similar Items
Form M is a mandatory statutory document to be completed by all importers to import goods into Nigeria.
Therefore, all importers must complete and register Form "M" with authorized dealers when placing orders, regardless of whether the transaction is valid for exchange. This is currently being launched electronically on a trade portal provided by the Central Bank of Nigeria in conjunction with the Nigeria Customs Service
In a circular addressed to all banks dated August 17, 2023 and signed by the Director of Commerce and Trade Department of the CBN, Dr. S. O. Nnaji, the CBN noted that
As of August 31, 2023, all Form M requests must 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 commercial document prior to the completion of an M form.
“All authorized resellers are urged to bring this to the attention of their customers as any instances of violations will be sanctioned appropriately. Please ensure compliance,” the statement reads in part.< /p>
Available records show that the life of a Form M is 180 days (for general goods) and 365 days (for plant and machinery), after which an extension of 180 days (for general merchandise) and 365 days (for plant and machinery) may be granted on Form M by the authorized dealer. Any further extension must be approved by the Central Bank of Nigeria (CBN).
Meanwhile, in a joint statement available on the CBN's website, regulators warn that their growing activities portend serious risks to public confidence and the stability of Nigeria's financial system.
"The FSRCC and the NEC, in their continued efforts to end the scourge of IFOs in Nigeria, hereby issue the following notice to the general public:
"Refrain from dealing with unlicensed or illegal financial operators, who lure and defraud unsuspecting members of the public by offering extraordinary investment returns as bait.
"Check the licensing status of these companies and programs on the following websites before investing in them: CBN: httos://www.cbn.gov.ng; NAICOM: https://naicom.gov.ng ; PenCom: htips://www.pencom.gov.ng d. SEC: https://sec.gov.ng," the statement read in part.
Therefore, the committee wants the public to report any person or entity suspected of being involved in such harmful activities to law enforcement and call their toll-free lines.
"Member agencies will continue to conduct regular awareness campaigns on the threats posed by the activities of illegal financial operators.
“Further inquiries may be directed to: The Director, Financial Policy and Regulation Department/Secretary, FSRCC, Central Bank of Nigeria, and/or I. The Executive Commissioner, Legal and Enforcement, Securities and Exchange Commission", the most advisable statement.
A similar warning was issued in April 2022, but most Nigerians continue to frequent these IFOs.
According to the committee therefore, the warning comes because these illegal financial operators lure and defraud unsuspecting public members by offering extraordinary investment returns as bait.
The FSRCC was established by the CBN in April 1994 to deal more effectively, through regular inter-agency consultations and meetings, with matters of common concern to regulators and supervisors
READ ALSO IN NIGERIAN TRIBUNE
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