Customs agents oppose CBN’s price verification system

Members of the National Council of Managing Directors of Licensed Customs Agents have expressed their opposition to the recently introduced price verification system at the country’s ports by the Central Bank of Nigeria (CBN).

About the new system, they asserted that it “contravened the Customs and Excise Management (Amendment) Act 20 of 2003/ Nigeria Customs Service Act 2023 on the valuation of import.”

In a letter signed by Mr. Lucky Amiwero, the founder of NCMDLCA, addressed to various high-ranking officials including the President, Secretary to the Government of the Federation, Chairman of the Senate Committee on Customs and Excise, among others, the group urged President Bola Tinubu to pay no heed to the circular issued by the apex bank regarding the introduction of the price verification system.

NCMDLCA explained that the valuation of goods in Nigeria had been prescribed under the CEMA Act 20 of 2003 and Nigeria Customs Service Act 35 of 2023, which granted the authority for the treatment, process, procedures, and determination of the valuation of imported goods under the Act, based on the transaction value method.

Mr. Amiwero emphasized that CEMA was the sole legal provision for determining the value of imported goods, stating,

He further added that requiring additional price verification by the CBN for imported goods would result in the duplication of functions already performed by the customs.

Amiwero stressed that this requirement would create bottlenecks and potential conflicts in the process of determining the value of imported goods.

In his words,

ThePressNG reported last month the CBN’s introduction of the Price Verification System (PVS) portal following a successful pilot phase and extensive training sessions conducted in collaboration with all Nigerian banks.

Effective August 31, 2023, the Central Bank of Nigeria (CBN) made it mandatory that all applications for Forms M must include a valid Price Verification Report, obtainable exclusively through the newly established Price Verification Portal.

This sapex bank noted that the move is designed to bolster transparency, accountability, and standardization in trade operations throughout the nation.