CBN ends Forex price verification portal for importers

The Central Bank of Nigeria (CBN) says the foreign exchange (FX) price verification system (PVS) portal used by importers has been discontinued.

The CBN disclosed this in a statement signed its Acting Director of Trade and Exchange Department, W. J. Kanya.

In August 2023, the CBN had said price verification from the portal was mandatory for all Form M requests.

The Form M is a document used to declare the intention to import physical goods into Nigeria.

According to the statement, importers would no longer need the portal to validate Form M applications from July 1.

“We refer to the circular dated August 17, 2023, referenced TED/FEM/PUB/FPC/001/008 and titled Price Verification System Portal’ on the deployment of the Price Verification System (PVS),” the statement reads.

“Given recent developments in the Nigerian Foreign Exchange Market, the CBN hereby discontinues the Price Verification System (PVS).

“Consequently, with effect from July 01, 2024, all applications for Form ‘M’ shall be validated without the Price Verification Report generated from the Price Verification Portal.

“For the avoidance of doubt, by this circular, the Price Verification Report is no longer a requirement for the completion of a Form ‘M’.”

Meanwhile, as part of efforts to enhance local currency liquidity, the apex bank, on June 25, said measures have been implemented to allow eligible international money transfer operators (IMTOs) access to naira liquidity at the official window.

Tinubu okays Ibadan airport upgrade, work begins in three weeks 

Construction of a new terminal, runway expansion and other structural features of Ibadan airport will begin in three weeks time, Oyo State Governor, Seyi Makinde, said on Wednesday.

This is coming after President Bola Tinubu’s approval of the proposed upgrade of the airport,

The governor said his administration’s efforts to have the Ibadan Airport, Alakia, upgraded to an international airport had yielded positive results.

Governor Makinde made this known when he received the Chief of Air Staff, Air Marshal Hassan Baba Abubakar, at the Executive Chamber, Governor’s Office, Secretariat, Agodi, Ibadan.

The project, according to the governor, would include the construction of a new terminal, runway and other structural features, adding that it would be handled by experts and delivered to standard.

According to the governor, his administration had spent the last five years turning around the state’s economy and had identified the need for the upgrade of the Ibadan Airport as being central to its economic expansion agenda.

He added that his government’s resolve to build infrastructure that targets the economic expansion agenda has also seen it investing resources on the 110 kilometres of Ibadan Circular Road, stating that the administration would consider the Air Force’s request for land for its post-retirement housing scheme on the Circular Road corridor.

“We have been talking to the Presidency and we got a response from them early this week that the President has graciously approved my request for Ibadan Airport to be upgraded,” he said.

“I will be in Abuja soon to get the documents relating to the approval. And within three weeks, we will start the project. We will expand the runway and build a new terminal.

“Since I came into office, this administration has focused on education, agriculture, health and expansion of our economy.”

The governor, who appreciated the Chief of Staff for his officers’ effort in working with sister security agencies to secure Oyo State, urged that the cordial relationship between the Force and the people of the state be maintained.

According to the governor, the Air Force has been a major contributor to the maintenance of internal security in Oyo State, as its personnel have been working closely with Operation Burst.

He said the administration was committed to working with the Air Force to deliver the Air Force Base in Ajia, Ibadan, with a promise of speedy completion of the road leading to the base.

He also explained that the government was fixing several roads along the Air Force Base axis that would facilitate easy movement of personnel and equipment.

Earlier in his speech, the Chief of Air Staff, Air Marshal Abubakar, described the governor as a visionary leader, thanking him for his support to the Air Force.

He acknowledged the governor’s focus on economic development and enhancing security in the state, noting that the acquisition of 60 hectares of land for the Air Force Base at Ajia and the provision of security operational vehicles were commendable efforts of the governor.

Court stops Ikeja Electric, NERC from implementing new tariff

The Federal High Court sitting in Lagos has restrained Ikeja Electric PLC and the Nigerian Electricity Regulatory Commission (NERC) from applying, administering, and/or implementing the purported tariff stipulated in the April 2024 Supplementary Order on Tariff Increase On ‘Bank A’ Feeders.