According to a circular by Dr Hassan Mahmud, Director, Trade and Exchange Department of the CBN, this is in a bid to check global inflation and other challenges.
The News Agency of Nigeria (NAN) reports that the PVS was initially introduced in 2022 to curb the over-invoicing of imports.
It was mandated to ensure that prices of imported items that were above 2.5% above the global average prices were queried. The PVS is meant to streamline and regulate financial transactions and documentation in the banking sector to reduce over-pricing and ensure the price accuracy of imported goods.
