Digital Times Nigeria
  • Home
  • Telecoms
    • Broadband
  • Business
    • Banking
    • Finance
  • Editorial
    • Opinion
    • Big Story
  • TechExtra
    • Fintech
    • Innovation
  • Interview
  • Media
    • Social
    • Broadcasting
Facebook X (Twitter) Instagram
Trending
  • AMCON Sells 34% Stake In Unity Bank To Providus, Strengthening Merger Deal
  • Nigerian Airports Go Cashless As FAAN Partners Paystack To Launch Contactless Payments
  • ‘AI In Nigeria’ Announces InnovateAI Lagos 2026
  • Borderless TEK Expands Free Training To Empower Adults Transitioning Into Tech
  • Nigeria’s Invoice Gap: Why Late Payments Are Stalling Small Businesses And What Can Be Done About It
  • Kano State Government To Host Cycling Kano Event In December
  • Nigerian-Owned Radease, 4 Other African Startups Named Winners Of Llama Impact Grant
  • Cybercrime Case Against Senator Natasha: Court To First Hear Jurisdiction Objection
Facebook X (Twitter) Instagram
Digital Times NigeriaDigital Times Nigeria
  • Home
  • Telecoms
    • Broadband
  • Business
    • Banking
    • Finance
  • Editorial
    • Opinion
    • Big Story
  • TechExtra
    • Fintech
    • Innovation
  • Interview
  • Media
    • Social
    • Broadcasting
Digital Times Nigeria
Home » CBN Increases Price Verification System Limit From 2.5% To 15%
ECONOMY

CBN Increases Price Verification System Limit From 2.5% To 15%

DigitalTimesNGBy DigitalTimesNG16 February 2024No Comments2 Mins Read28 Views
Facebook Twitter Pinterest Telegram LinkedIn Tumblr WhatsApp Email
Inflation
Dr. Olayemi Cardoso, Nigeria's CBN Governor
Share
Facebook Twitter LinkedIn Pinterest Telegram Email WhatsApp

The Central Bank of Nigeria (CBN) has announced an upward review of the Price Verification System (PVS) from 2.5 per cent to 15 per cent.

According to a circular signed 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 per cent above the global average were queried.

The PVS is meant to streamline and regulate financial transactions and documentation in the banking sector to reduce overpricing and ensure the price accuracy of imported goods.

According to Mahmud, due to global inflation and other related challenges, the CBN has reviewed the allowable limit of price deviation for exports and imports to -15 per cent and +15 per cent of global average prices, respectively.

“Authorised dealer banks and the general public are hereby advised to note and comply accordingly,” he said.

He, however, said that the PVS was not meant to determine the actual prices of items for tariffs or duty charged by the government.

“It will, rather, enable the CBN to curtail the excess outflow of limited foreign exchange through over-invoicing and other price manipulation activities,” he said.

In a related development, the apex bank also directed all authorised dealer banks to, henceforth, effect payment of Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) through electronic channels only.

READ ALSO  CBN Confirms Old Naira Notes Will Remain In Circulation Beyond 2024

According to Mahmud, in a separate circular, this is in line with the commitment to ensure transparency and stability in the foreign exchange market and avoid malpractices.

“For the avoidance of doubt, payment of PTA/BTA by cash is no longer permitted.

“Authorised dealer banks shall henceforth effect payout of PTA/BTA through electronic channels only, including debit or credit cards.

“Authorised dealers and the general public are hereby to note and comply accordingly,” he said.

(NAN)

#CBN #Inflation #PVS
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
Previous ArticleNigeria’s GDP Projected To Grow By 3.1% In 2024- FBNQuest Report
Next Article Advanced Strategies For Optimizing Performance In High-Load Distributed Systems
DigitalTimesNG
  • X (Twitter)

Related Posts

FG Bows To Pressure, Suspends 4% Customs Levy On Imports

16 September 2025

Nigeria Pulls In ₦600bn VAT From Facebook, Amazon, Netflix

11 September 2025

Nigeria Ready To Lead Future Economy – Inuwa Declares At GITEX 2025

5 September 2025

ICT To Contribute 21% To Nigeria’s GDP By 2027 – Tijani

5 September 2025

Over 1,000 Large Firms Adopt Nigeria’s New Electronic Fiscal System (EFS) Weeks After Launch

11 August 2025

CRVS: Inuwa Reaffirms NITDA’s Commitment To Driving Digital Identity And Data Integration

1 August 2025

Comments are closed.

Categories
About
About

Digital Times Nigeria (www.digitaltimesng.com) is an online technology publication of Digital Times Media Services.

Facebook X (Twitter) Instagram
Latest Posts

AMCON Sells 34% Stake In Unity Bank To Providus, Strengthening Merger Deal

26 September 2025

Nigerian Airports Go Cashless As FAAN Partners Paystack To Launch Contactless Payments

26 September 2025

‘AI In Nigeria’ Announces InnovateAI Lagos 2026

25 September 2025
Popular Posts

Building Explainable AI (XAI) Dashboards For Non-Technical Stakeholders

2 May 2022

Building Ethical AI Starts With People: How Gabriel Ayodele Is Engineering Trust Through Mentorship

8 January 2024

Gabriel Tosin Ayodele: Leading AI-Powered Innovation In Web3

8 November 2022
© 2025 Digital Times NG.
  • Advert Rate
  • Terms of Use
  • Advertisement
  • Private Policy
  • Contact Us

Type above and press Enter to search. Press Esc to cancel.