The Director General of the Manufacturer Association of Nigeria, MAN, Segun Ajayi-Kadir has disclosed that the introduction of the Price Verification Portal by the Central Bank of Nigeria, CBN, is affecting the business of his members.
On August 17, the apex bank announced via a memo the official launch of its Price Verification System portal, following a successful pilot phase and extensive training sessions held with all Nigerian banks.
The CBN memo mandated all applications for Forms M to be accompanied by a valid Price Verification Report, which can be generated exclusively from the newly established Price Verification Portal.
Speaking to Punch newspapers, the MAN DG said the introduction of PVR has worsened the conditions of its members who are struggling under the current economic challenges.
He called for the withdrawal of the regime, stressing that the CBN should focus on revamping the economy rather than issuing policies capable of killing existing businesses in the country.
According to him, the Yemi Cardoso-led CBN should strive hard to ensure the availability of foreign exchange to genuine importers and manufacturers in the country.
The MAN DG 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.
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.”
