Link to Apply for CBN Price Verification System (PVS) Portal
Link to Apply for CBN Price Verification System (PVS) Portal: CBN has officially launched the Price Verification System (PVS) Portal, for all importers of goods into the country, if you are into importation and exportation of foreign goods, you have to register with the CBN Price Verification System (PVS) Portal
Before applying for Form M, applicants must come with a valid Price Verification Report generated from the Price Verification Portal
A Form M is a mandatory document obtained from the CBN before exporting goods from Nigeria.
All applications for Forms M (which are used to authorize the export of goods from Nigeria) must be accompanied by a valid Price Verification Report generated from the PVS portal.
The CBN’s PVS portal is a new system that will be used to verify the prices of goods and services exported from Nigeria, all applications for Forms M must be accompanied by a valid Price Verification Report generated from the PVS portal. This is a mandatory requirement for all exports from Nigeria.
Importance of the CBN Price Verification System (PVS) Portal
Reporting and Analysis:
The portal generates reports and analytics on pricing trends, vendor performance, and other relevant data. These reports help government agencies to make informed decisions, identify cost-saving opportunities, and ensure compliance with procurement regulations.
Documentation and Audit Trail:
The system maintains a comprehensive record of all procurement activities, including price verification, bid evaluation, and contract execution. This creates an audit trail and provides transparency in the procurement process.
Integration with Existing Systems:
The CBN Price Verification System Portal is designed to integrate with other existing government systems, such as e-procurement platforms and financial management systems. This ensures seamless data flow and enables efficient procurement processes.
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Price Accuracy:
This new system could help prevent incorrect or inflated prices for goods being imported, ensuring that prices are fair and aligned with market realities. This could lead to a more transparent and stable economic environment.
Reduced Inflation:
If the prices of imported goods are accurately verified and controlled, it could help in controlling inflation, as excessive price increases can contribute to rising overall prices in the economy.
Improved Trade Balance:
Accurate price verification can lead to more realistic valuations of imported goods, which might positively impact the trade balance. It could prevent under-invoicing or over-invoicing, helping to balance imports and exports.
Investor Confidence:
A transparent and fair pricing system can boost investor confidence in the economy. When investors see that the government is ensuring a level playing field, it can encourage more investments.
Regulatory Compliance:
The system could encourage businesses to adhere to regulations and avoid fraudulent activities related to pricing. This strengthens the overall regulatory framework of the economy.
Efficient Resource Allocation:
Accurate pricing information can help businesses allocate resources more efficiently, as they have a clearer understanding of the actual costs of imported goods.
Price Verification:
The portal enables government agencies to verify the prices of goods and services before making purchases. It provides a database of verified prices for a wide range of items, helping to prevent overpricing and ensure fair procurement practices.
Price Monitoring:
The system allows government agencies to monitor and track the prices of goods and services in real time. This helps to ensure that prices remain within reasonable ranges and prevent sharp increases or inflationary trends.
Vendor Registration:
The portal allows vendors to register their businesses and provide necessary information to participate in government procurement processes. This helps to ensure that only legitimate and qualified vendors are engaged in procurement activities.
Bid Evaluation:
The system facilitates the evaluation of bids submitted by vendors during procurement processes. It includes tools for analyzing prices, comparing proposals, and selecting the most competitive offers.
Link to Apply for CBN Price Verification System (PVS) Portal
Log into the CBN PVS portal here
Fill all the black spaces
Supply all documents required
Submit your application
Link to Apply for CBN Price Verification System (PVS) Portal