Business
CBN Stops FX Price Verification System Portal For Importers
Published
11 months agoon
By
Editor
The Central Bank of Nigeria says it will discontinue the foreign exchange price verification system portal used by importers from July 1.
It also noted that the Price Verification Report will no longer be a requirement for the completion of a Form ‘M’.
The Form ‘M’ is a declaration of intention to import physical goods into Nigeria.
READ ALSO: [ICYMI]FULL LIST: 16 Banking Transactions Exempted From CBN’s New
The apex bank disclosed this information in a circular posted on its website on Wednesday adding that it took the decision given recent developments in the Nigerian Foreign Exchange Market.
The notice signed by the Acting Director of the Trade and Exchange Department, W. J. Kanya, was addressed to all authorised dealer banks, and the general public.
It was titled, “Discontinuation Of The Central Bank Of Nigeria Price Verification System Portal.”
In August 2023, the CBN had said price verification from the portal was mandatory for all Form M requests, effective from August 31, 2023.
READ ALSO: JUST IN: Anxiety As CBN Revokes Heritage Bank’s Licence
The portal introduced during the tenure of former acting governor, Folashodun Shonubi, is a build-up on the e-evaluator and e-invoice introduced by CBN in 2022 to replace hard copy final invoices in documentation processes for FX and monitor goods that are imported into Nigeria, as well as enable the collection of import duties where applicable.
The circular read, “We refer to the circular dated August 17, 2023, referenced TED/FEM/PUB/FPC/001/008 and titled “Go-Live Of The Central Bank Of Nigeria Price Verification System Portal” on the deployment of the Price Verification System.
“Given recent developments in the Nigerian Foreign Exchange Market, the CBN hereby discontinues the Price Verification System.
“Consequently, with effect from July 01, 2024, all applications for Form ‘M’ shall be validated without the Price Verification Report generated from the Price Verification Portal.
“For the avoidance of doubt, by this circular, the Price Verification Report is no longer a requirement for the completion of a Form ‘M’. Please note and be guided accordingly,” the notice concluded.
You may like
JUST IN: CBN Retains 27.50% Interest Rate Again
Nigeria’s External Reserves Increase As CBN Releases 2024 Financial Results
CBN Opens Up On Introducing New ₦5,000, ₦10,000 Notes
Alleged $6.3m Fraud: Court Defers Trial Of 3 CBN Officials
SERAP To Court: Stop CBN From ‘Implementing ‘Unlawful, Unjust ATM Fee Hike’
BREAKING: CBN Retains 27.5% Interest Rate

The Naira, which has seen steady appreciation against the Dollar all week, closed stronger on Friday, trading at ₦1,580.44 in the official forex market.
Data from the Central Bank of Nigeria’s website show the Naira gained ₦4.51k against the Dollar on Friday alone.
This marks a 0.28 per cent appreciation from Thursday’s closing rate of ₦1,584.95 in the official foreign exchange window.
The local currency maintained consistent strength throughout the week, recording gains daily.
READ ALSO: Naira Appreciates Against Dollar At Foreign Exchange Market
On Monday, May 19, it traded at ₦1,598.68; on Tuesday, at ₦1,590.45; and on Wednesday, at ₦1,584.49.
These gains suggest increased investor confidence and improved forex supply, contributing to the naira’s performance.
Meanwhile, the CBN, at its 300th Monetary Policy Committee meeting held Monday and Tuesday, retained the Monetary Policy Rate at 27.5 per cent.
Business
BREAKING: Again, Dangote Refinery Cuts Petrol Price
Published
1 week agoon
May 22, 2025By
Editor
The Dangote Petroleum Refinery has announced a nationwide reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, with new prices now ranging between ₦875 and ₦905 per litre, depending on location.
The ₦15 per litre cut applies across all regions and partner fuel stations, and was confirmed via an official announcement posted on Dangote Refinery’s social media channels on Thursday.
Major marketers participating in the new pricing regime include MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy — partners in the distribution of Dangote-refined products.
READ ALSO: JUST IN: Dangote Refinery Sashes Petrol Gantry Price
Under the previous pricing structure, Lagos residents paid ₦890 per litre, while prices reached ₦920 in the North-East and South-South regions. With the latest adjustment, Lagos now pays ₦875 per litre, while the North-East and South-South will see prices drop to ₦905.
A regional breakdown of the revised prices is as follows: Lagos: ₦875, South-West: ₦885, North-West & Central: ₦895, North-East & South-South: ₦905 and South-East: ₦905.
In its announcement, Dangote Refinery encouraged consumers to purchase fuel only from authorised partner stations and urged the public to report any cases of non-compliance via its official hotlines: +234 707 470 2099 and +234 707 470 2100.
“Our quality petrol and diesel are refined for better engine performance and are environmentally friendly,” the company said.
Business
Naira Appreciates Against Dollar At Foreign Exchange Market
Published
2 weeks agoon
May 17, 2025By
Editor
The Naira ended the trading week on a positive note, recording a bullish close on Friday at the official foreign exchange market.
It appreciated N1,598.72 against the U.S. Dollar, reflecting a modest gain that suggests continued efforts to stabilise the local currency.
According to figures published on the Central Bank of Nigeria’s official website, the Naira strengthened by N0.60k against the Dollar on Friday.
This upward movement represents a 0.03 per cent appreciation compared to the N1,599.32 exchange rate recorded at the close of trading on Thursday.
READ ALSO:Naira Depreciates In Parallel Market
The local currency had shown some resilience earlier in the week, posting gains on both Tuesday and Wednesday trading sessions.
On Tuesday, the Naira appreciated by 0.02 per cent, followed by a stronger gain of 0.21 per cent on Wednesday.
These improvements were seen as positive indicators of growing investor confidence and increased supply in the foreign exchange market.
However, Thursday’s trading session saw a minor setback, with the Naira slipping by N2.62 against the Dollar.
This loss equated to a 0.16 per cent depreciation, dampening the midweek rally seen in previous sessions.
READ ALSO:Naira Records Highest Depreciation Against Dollar At Black Market
Market analysts attributed Thursday’s dip to a brief increase in Dollar demand from importers and other market participants.
Despite this, the week still closed on a positive note, with the Naira showing signs of gradual recovery and increased market stability.
Analysts continue to monitor the Central Bank’s policies, especially interventions aimed at improving Dollar liquidity and managing demand pressures.
The Naira’s performance in the coming weeks will likely depend on consistent supply inflows and investor sentiment across the broader economic landscape.
- OPINION: Children’s Day And The Scam Of Tomorrow
- CBN Donates Motorized Fire Caddy To Federal Fire Service In Bauchi
- 75-year-old Edo Pilgrim Dies During Hajj In S’Arabia
- EFCC Arraigns Bankers, Accomplices For Alleged N8.5bn Fraud
- How I Delivered $400,000 Cash To Emefiele – Ex-aide
- Gumi Reacts As Saudi Bars Him From Hajj
- Trump Says Putin ‘Playing With Fire’ In New Jab At Russian Leader
- Children’s Day: Dissuade Your Wards From Joining Cultism, Okpebholo Urges Parents, Guardians
- FULL TEXT: Tinubu Seeks End To Bullying, Pledges Commitment To Children Welfare
- OPINION: How Long Can The President Run From His Shadow?
About Us
Trending
- News4 days ago
Why We’re Heavily Investing In Book And Culture Series – HOMEF Director, Bassey
- Metro5 days ago
‘He Flogged Me for 30 Minutes,’ Abuja Churchgoer, Sister Recount Alleged Police Assault [VIDEO]
- Metro5 days ago
Police Raid kidnappers’ Hideout In Delta, Recover Rifles
- News5 days ago
Naira Abuse: Don’t Condemn Tompolo Over Mere Allegation, Says EFCC Boss
- Metro5 days ago
No ID Cards, No Exams, OAU Students Ground Campus In Protest
- News5 days ago
NAFDAC Warns Against VDM’s Inciting Video
- News4 days ago
OPINION: How Long Can The President Run From His Shadow?
- News5 days ago
Amnesty Boss, Otuaro, Pledges Inclusive Programme For Niger Delta Communities
- Metro5 days ago
Man To Die By Hanging For Mosque Arson Causing 23 Deaths
- News5 days ago
New Board For Federal Mortgage Bank Inaugurated