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Rewane lauds CBN’s discontinuation of FX price verification system, says market will be stable

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Bismarck Rewane, chief executive officer of financial derivatives, says the removal of the price verification system (PVS) portal shows that the Central Bank of Nigeria (CBN) has achieved its purpose.

Bismarck Rewane, chief executive officer of Financial Derivatives, says the discontinuation of the price verification system portal shows that the Central Bank of Nigeria has achieved its purposeOn June 26, the CBN announced the discontinuation of FX PVS portal used by importers.The ‘Form M’ is a document used to declare the intention to import physical goods into Nigeria.

He also said there is no longer an incentive for Nigeria’s FX players to roundtrip foreign currency because the difference at both markets is marginal.The economist also said the unification of the official and parallel FX markets rates is successful. “By removing the price verification system document, you are making it easier for goods to come into Nigeria. It is a good move.

 

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