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Manufacturers Oppose the Implementation of CBN’s Price Verification Portal

The Manufacturers Association of Nigeria (MAN) has called on the Central Bank of Nigeria (CBN) to reconsider its recently implemented Price Verification System. In an exclusive interview, the Director-General of MAN, Segun Ajayi-Kadir, expressed concerns that the CBN’s Price Verification Portal is adversely affecting manufacturers’ activities in the country, adding that businesses already grapple with various challenging government policies amid economic difficulties.

Ajayi-Kadir emphasized the need for the reversal of several restrictive measures imposed by the CBN, highlighting the price verification portal as one such unnecessary restriction affecting members’ ability to import raw materials, machines, and parts. He urged the CBN to discontinue the portal’s operation, asserting that it limits businesses.

The MAN DG called on the CBN to review its policies promptly, aiming to remove impediments affecting the real sector of the economy. He emphasized the importance of focusing on forex adequacy and cautioned against unnecessary restrictions that could negatively impact genuine and struggling manufacturers.

The CBN had officially launched its Price Verification System portal on August 17, requiring all Forms M applications from August 31, 2023, to be accompanied by a valid Price Verification Report from the newly established portal. The move aimed to enhance transparency, accountability, and standardization in trade operations within the country.

However, last month, members of the National Council of Managing Directors of Licensed Customs Agents opposed the newly introduced price verification system, citing contraventions of the Customs and Excise Management (Amendment) Act 20 of 2003/Nigeria Customs Service Act 2023 on import valuation. In a letter to various authorities, the group urged President Bola Tinubu to disregard the circular from the CBN on the introduction of the price verification system.

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