Hello Nairalanders,

I have below questions on the import Form M, As i intend to go into importation of goods in containers.

1. May i know if the exchange rate of proforma invice amount on the Form M will always be the official CBN exchange rate or my banks exchange rate. (i suppose this will be the amount to be deducted from my bank account).

2. Must i have a domiciliary account with my bank or my Naira or account for the deduction of invoice value?

thanks in advance
Tim

Dear Tim,

The exchange rate will be the rate you bidded with of course with the help of your bank at the RDAS (Retail Dutch Auction System)

The bank will submit your bid to CBN along others. Your bank can offer you advise on the best rate to go for.

The cut off rate as at yesterday (19th Jan. 2015) Auction was =N168= and about 20 Banks participated.

To your second question, You do not need to have a domiciliary account, your Naira account will suffice.

I work in the fx unit of one of the leading banks in Nigeria. Let me know if you would like to contact me personally.

Cheers!!!

Are you planning to enlarge your business by importing on a large scale?
Do your intend importing container by sea?
Do you have ideal or what it takes to import from another country?

we can assist you in your planning for any legal cargo into Nigeria
we can assist you from A to Z of importing with container from another country
for further enquiries please contact the below:
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nextmoveglobal@gmail.com,justyinka23@gmail.com
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The links below solve all the problem with Form 'M' and tell you more about import operations, management, documentation and the best method of payment:
http://tectono..com/2014/09/nigeria-business-review-in-conjunction_6.html

http://tectono..com/2014/09/nigeria-business-review-in-conjunction.html

Thank you all for the valuable reply. i do appreciate.

RedArrow:
Dear Tim,

The exchange rate will be the rate you bidded with of course with the help of your bank at the RDAS (Retail Dutch Auction System)

The bank will submit your bid to CBN along others. Your bank can offer you advise on the best rate to go for.

The cut off rate as at yesterday (19th Jan. 2015) Auction was =N168= and about 20 Banks participated.

To your second question, You do not need to have a domiciliary account, your Naira account will suffice.

I work in the fx unit of one of the leading banks in Nigeria. Let me know if you would like to contact me personally.

Cheers!!!

Please what are the supporting documents like insurance cert etc and how do I get them?
I heard your company must be registered to access forex for form m, also
Do I need a TIN tax clearance b4 completing the form m?

I have a software that can give you 100% of your money in a year. If you are interested call 08036546346.

Blessed are those who have not seen yet they believe.

thanks