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The Central Financial institution of Nigeria (CBN) has discontinued its worth verification system portal.
This confirms The Guardian report that the apex financial institution will possible embark on liberalisation of a few of its insurance policies in consonance with the route of the CBN.
In a round, ‘TED/FEM/PUB/FPC/001/020’ addressed to all authorised supplier banks and most of the people and signed by the Performing director, Commerce and Change division of the financial institution, Dr W.J Kanya, mentioned the brand new round repealed the one issued in 2023.
“We check with the round 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 Worth Verification System (PVS). In view of current developments within the Nigerian International Change Market, the CBN hereby discontinues the Worth Verification System (PVS),” it acknowledged.
The CBN mentioned the directive takes impact from July, 01, 2024.
It added: “Consequently, with impact from July 01, 2024 all functions for Type M’ shall be validated with out the Worth Verification Report generated from the Worth Verification Portal. For the avoidance of doubt, by this round the Worth Verification Report is now not a requirement for the completion of a Type ‘M’. Please be aware and be guided accordingly.”
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