Nigerian Banks Rely More On Liquidity, As Borrowing From CBN Rises To N19.8trn
Live

Imports: Banks Rally Elite Customers For New Product Price Verification Mechanism

CBN Holds First Phase Of Workshop In Abuja Thursday
February 1, 2022
1 min read

Banks are now sending out notices to potential  import and export business customers for the first phase of the Central Bank of Nigeria (CBN) workshop on the new Product Price Verification Mechanism in Abuja.

The workshop will hold  on Thursday February 3, 2022.

 

Join our WhatsApp Channel

Prime Business Africa gathered that many of the banks, including Zenith Bank, Guaranty Trust Bank, Fidelity Bank, and First Bank PLC,  have issued mails to all elite customers that effect.

A CBN  circular on January 31 had invited all banks to what it termed “Abuja Zone Sensitization Workshop for Importers and Exporters” on the Product  Price Verification Mechanism.

The circular, which was sighted by Prime Business Africa on Tuesday made reference to an earlier (January 21,2022) memo referenced  TED/FEM/PUB/01/001 in respect of the verification wherein the central bank published the operationalization guidelines on  the Product Price Verification Mechanism to be introduced into the country.

“We wish to invite all Importers and Exporters to a sensitization workshop scheduled as follows;

Date: Thursday February 03, 2022

Venue: Ladi Kwali, Sheraton Hotel, Ladi Kwali Street, Abuja

Time: 10:am

To this end, we request that you kindly inform all the concerned stakeholders accordingly,” the memo signed by Dr O.S. Nnaji, the Director & Exchange Department, urged.

Recall that the banking regulator had in August last year said it would henceforth verify prices of goods and services coming  into the country  before a Form M could  be approved for them.

 

The Naira, has consistently  come under pressure at the currencies market following a shortfall in FX earnings for the country, forcing banks to significantly reduce customers’  spending limit on international transactions to $100 per month from $3,000 per month.

With the workshop, Importers and Exporters are expected to be acquainted with the new  processes as stipulated in the guidelines issued by the apex bank on  January 21, 2022 for better understanding with their banks

content

Please follow and like us:
+ posts

Latest from Business

NGX

Over N202bn Wiped Off From Nigerian Stock Market

Decline in shares of Dangote Cement, Regal Insurance, and others wiped off N202.15 billion from the equity capitalisation of the Nigerian stock market. The market capitalisation declined from N66.66 trillion to N66.46

Don't Miss

First Bank Changes Names Of Its Subsidiaries In UK, Some Sub-Saharan African Countries

First HoldCo’s Profit Up By 118% As FX Loss Drops To N64.94bn

The gross earnings of First HoldCo increased to