Manufacturers Kick Against CBN Price Verification Portal

The Manufacturers Association of Nigeria has told the Central Bank of Nigeria to rescind its recently introduced Price Verification System.

The Director-General of the association, Segun Ajayi-Kadir stated this in an exclusive interview with The PUNCH recently.

According to him, the CBN’s Price Verification Portal Constitutes one of many government policies negatively affecting the activities of manufacturers in the country.

He further stated that manufacturers already have to contend with a barrage of upsetting policies at a time when the economy is facing stern challenges.

Ajayi-Kadir said, “We look forward to the reversal of so many unnecessary restrictions that were placed by the CBN. One of them is the price verification portal which for all practical purposes is quite unnecessary.

“It is affecting the businesses of our members who are not able to import raw materials, machines and parts because the prices that they bought do not fall into the threshold of the portal. I think it is limiting businesses. The CBN should discontinue the operation of that portal.”

Speaking further, the MAN DG urged the CBN to revisit some of its policies with a view to removing the bottlenecks affecting the activities of the real sector of the economy.

He added, “It is a step that CBN needs to take very urgently so that it does not restrain the operations of the manufacturing sector. Everything that the government should do now is to revamp the economy and not to place unnecessary hurdles to the flow of business.

“What the government should focus on is the adequacy of forex. All efforts should be geared towards that direction and not placing unnecessary restrictions that will only hurt genuine and struggling manufacturers in the country.”

The Central Bank of Nigeria on August 17 had announced the official launch of its Price Verification System portal, following a successful pilot phase and extensive training sessions held with all Nigerian banks.

Starting from August 31, 2023, the CBN mandated that all applications for Forms M must be accompanied by a valid Price Verification Report, which can be generated exclusively from the newly established Price Verification Portal.

This move aims to enhance transparency, accountability, and standardisation in trade operations within the nation.

Last month, members of the National Council of Managing Directors of Licensed Customs Agents had kicked against the newly introduced price verification system in the country’s ports by the CBN.

The new system, they said, contravened the Customs and Excise Management (Amendment) Act 20 of 2003/ Nigeria Customs Service Act 2023 on the valuation of import.

In a letter signed by the founder of the NCMDLCA, Mr Lucky Amiwero, sent to the President; Secretary to the Government of the Federation; Chairman of the Senate Committee on Customs and Excise; Chairman of House Committee on Finance; acting Governor of CBN, Ministry of Justice and Attorney General of the Federation, etc., the group urged President Bola Tinubu to disregard the circular from the apex bank on the introduction of the price verification system.