The Nigerian Economic Summit Group (NESG) has expressed strong support for the Central Bank of Nigeria’s (CBN) recent decision to discontinue the Price Verification System (PVS) for foreign exchange transactions, viewing it as a significant step towards removing regulatory bottlenecks and enhancing macroeconomic stability.
In a communique released over the weekend, the NESG endorsed the CBN’s move, which was announced in a recent circular stating that, effective July 1, importers will no longer require validation of Form ‘M’ applications via the Price Verification Report from the PVS.
The CBN’s circular, issued last Wednesday by the Acting Director of the Trade & Exchange Department, W.J. Kanya, followed developments in the Nigerian Foreign Exchange Market and referenced a prior circular from August 17, 2023, concerning the launch of the Price Verification System Portal. The portal was initially designed to prevent over-invoicing and under-invoicing by ensuring accurate pricing for goods and services in foreign exchange transactions.
With the new directive, all applications for Form ‘M’ will now be validated without needing a Price Verification Report generated from the PVS Portal, aiming to simplify processes for authorised dealer banks and the public, thereby easing the procedural burden associated with foreign exchange transactions.
The NESG noted that this policy change would significantly benefit the manufacturing sector by providing timely access to essential inputs, leading to higher production levels and enhancing the sector’s contribution to GDP. They further emphasized that a more efficient importation process would positively impact other sectors, stimulating economic activity across the board.
“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 favourable balance of trade and strengthen Nigeria’s position in the global economy,” the NESG stated.
The policy change aligns with the CBN’s core mandate of maintaining price stability and promoting sustainable economic growth. By reducing the cost of doing business and enhancing supply chain efficiency, the policy is expected to exert downward pressure on production costs, thereby contributing to inflation moderation. Additionally, increased economic activity and investment will support higher output growth, reinforcing the stability and resilience of the Nigerian economy.
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Private car service Paris
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I was curious if you ever considered changing the page layout of your website? Its very well written; I love what youve got to say. But maybe you could a little more in the way of content so people could connect with it better. Youve got an awful lot of text for only having one or two pictures. Maybe you could space it out better?
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Have you ever considered about including a little bit more than just your articles? I mean, what you say is important and everything. However think about if you added some great visuals or video clips to give your posts more, “pop”! Your content is excellent but with images and clips, this blog could certainly be one of the best in its field. Amazing blog!
Hello! I know this is kinda off topic however I’d figured I’d ask. Would you be interested in exchanging links or maybe guest writing a blog article or vice-versa? My website discusses a lot of the same topics as yours and I think we could greatly benefit from each other. If you might be interested feel free to send me an email. I look forward to hearing from you! Excellent blog by the way!
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I do love the way you have presented this specific problem plus it really does provide us a lot of fodder for consideration. However, from everything that I have observed, I really trust as other feedback pack on that people today keep on point and not start upon a soap box regarding some other news du jour. Still, thank you for this fantastic piece and even though I do not really concur with this in totality, I regard your viewpoint.
I have mastered some new issues from your internet site about computers. Another thing I have always assumed is that computers have become an item that each home must have for some reasons. They supply you with convenient ways to organize homes, pay bills, shop, study, tune in to music and also watch tv series. An innovative approach to complete most of these tasks is a laptop computer. These pcs are mobile, small, highly effective and portable.
Thanks for revealing your ideas here. The other element is that when a problem takes place with a personal computer motherboard, individuals should not go ahead and take risk associated with repairing the item themselves because if it is not done properly it can lead to permanent damage to all the laptop. It’s usually safe just to approach your dealer of your laptop for your repair of motherboard. They’ve technicians who’ve an skills in dealing with laptop motherboard issues and can carry out the right analysis and perform repairs.
One important issue is that when you’re searching for a student loan you may find that you’ll need a co-signer. There are many scenarios where this is correct because you may find that you do not use a past credit standing so the financial institution will require you have someone cosign the credit for you. Interesting post.