The Central Bank of Nigeria has introduced a foreign exchange price verification system designed for importers to have access to forex.

The apex bank in a statement from its Trade and Exchange Department said a price verification report from the portal is now mandatory for all Form M requests while it takes effect from the 31st of August, 2023.

While urging all authorized dealers to inform their customers of the development, the CBN also said any case of infraction would be appropriately sanctioned.