Price Verification System Update for Form M Processing
Discover how the discontinuation of Price Verification System Simplifies the Import Process for Nigerian Importers.
The Central Bank of Nigeria (CBN) recently announced the discontinuation of the Price Verification System for Form M processing, effective July 1, 2024 (TED/FEM/PUB/FPC/001/020).
This update follows the circular dated June 26, 2024, and is expected to significantly streamline the import process for Nigerian importers. Cotecna, plays a crucial role in this transition through its facilitation of the SONCAP program.
The e-Form M is a crucial online documentation process implemented by the Central Bank of Nigeria (CBN) established by the Federal Government of Nigeria through the Federal Ministry of Finance (FMF) to monitor imported goods and facilitate the collection of import duties. Previously, the Price Verification System was an additional step in this process, where the prices of goods were verified to ensure they were in line with market values. Its recent discontinuation simplifies the process, reducing the administrative burden on importers.
The Price Verification System, implemented on August 23, 2023, was designed to ensure that imported goods were priced according to international standards, thereby preventing overpricing and under-pricing. However, many importers reported that the system introduced unnecessary complexity and bottlenecks, adversely impacting their businesses. With the discontinuation of this system, importers can now process Form M submissions without a Price Verification Report, alleviating a significant burden.
By partnering with Cotecna, importers gain access to a streamlined process for obtaining the mandatory product certificates.
For more information about the SONCAP, please contact Cotecna Nigeria.