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 said this in an exclusive interview with newsmen.
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 said 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.”
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.
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.
