aninibinladen:


Don't be misled by headlines into liking what you don't understand.

The e-invoiceing crap aims at fixing prices for proposed imports/exports by placing a benchmark which is not workable.

Why not read the guideline document first before sounding uncouth.

The policy document is online, download and read it first. It is 2.5% below or above the price the goods are sold where you are importing or exporting to.

If I am exporting palm oil, there is a price benchmark where I am exporting to and available in the public domain. The cbn agents have the prices on the e-evalutaor platform.
This not new, it is done in Ghana and some other countries.
There is nothing unworkable if you are selling using the publicly available prices. It may have hitches at the start but overtime enjoy smooth sail

Penguin2:
Abejide

Tinubu supporter at the House of Rep.

Ever since they heard the cabal want to support Emefiele they’ve been firing at the poor man from all cylinders.

I'm sure your father told you Tinubu impregnated your mother and ran away!! You find it so comfortable to pin all political news on Tinubu. Pathetic fellow

Lagosfinder:
The way appointees don't respond to summons from the legislature is very bad

They can't fire him so it doesn't matter. Buhari is the only person they need to please.

My question is what happens to those people whose cars has been left stagnant at the port since this issue started ? Will they be asked to pay demurrage

Almaigaa:
Godwin Emefele is the worst CBN Governor Nigeria ever had. He is clueless and lack the ability to tackle the challenges that bedeviled the economy.

Is Emefiele your Minister of Borrowing, sorry, Finance?

Blue3k:


They can't fire him so it doesn't matter. Buhari is the only person they need to please.

Very unfortunate

Lagosfinder:



Very unfortunate

I suggest they amend the constitution to give themselves more power but they dragging their feet. Most of them aren't interest in power plays. If you want text your representatives do so. All they need to do is remove the prior request by president section. The power needs to be unilateral to be effective.

Blue3k:


I suggest they amend the constitution to give themselves more power but they dragging their feet. Most of them aren't interest in power plays. If you want text your representatives do so. All they need to do is remove the prior request by president section. The power needs to be unilateral to be effective.

Your suggestions is the way to go

This an insult to the legislature

FreeStuffsNG:
On this policy, I stand with Mr Emefiele.

That policy was a masterstroke! No amount of lobbying by those benefitting from the rotten, corrupt, chaotic and opaque system that has made it impossible for us to have a near accurate value of exports and imports in Nigeria for decades, will succeed.

https://www.thisdaylive.com/index.php/2022/01/24/with-new-portal-cbn-moves-to-halt-over-invoicing-by-importers/

This policy is another revolution policy like the Treasury Single Account (TSA).
Every patriotic Nigerian should please support it.

All the enemies of Nigeria will lose las las . They always lose.God bless Nigeria forever.

It's a good one I concur. But the new rates on custom duties for cars is ridiculous.

FreeStuffsNG:
On this policy, I stand with Mr Emefiele.

That policy was a masterstroke! No amount of lobbying by those benefitting from the rotten, corrupt, chaotic and opaque system that has made it impossible for us to have a near accurate value of exports and imports in Nigeria for decades, will succeed.

https://www.thisdaylive.com/index.php/2022/01/24/with-new-portal-cbn-moves-to-halt-over-invoicing-by-importers/

This policy is another revolution policy like the Treasury Single Account (TSA).
Every patriotic Nigerian should please support it.

All the enemies of Nigeria will lose las las . They always lose.God bless Nigeria forever.

Good evening sir. How's the family. Could you explain to a lay man how this policy affects him?

aninibinladen:




Cost of production is not fixed, when you buy a can from industries in Dubai, as a first time importer of can from industries into Nigeria, the price at which you bought will be the benchmark. If I (two days later) by the same can from industries and at the time of my purchase there was total blackout in Dubai leading to industries using an alternative source of power, the price the can would be sold to me will be higher and if that price is above the 2.5% tolerance, my import request will be rejected by CBN. That is what the policy is all about, that is the reality of this badly planned policy. Same policy was tried in the 80s and it failed.

Sir, there was no robust internet and technology for realtime international pricing system in the 80s like today https://www.trade.gov/pricing-strategy

Things have changed and this is not the 80s. Most countries have adopted it and it helped them capture their exports and imports.
The current system is ridiculous! Sometime ago, Sen. Saraki was hounded for paying very ridiculous rate on multimillion naira worth cars he procured probably with discounted forex from CBN!

Ghana is using the e-evaluator so are many other nations. They import cans in those countries too.

Lagosfinder:


Your suggestions is the way to go

This an insult to the legislature

People that should have warrants on their heads, are talking of issuing warrants for someone else?

CBN is more active in the agricultural sector in this administration than the federal ministry of agriculture courtesy of CBN Governor

adamsmith914:
People that should have warrants on their heads, are talking of issuing warrants for someone else?

Kettle can't call pot black you Mean?


But do you agree that what the executive government appointees are doing is very wrong?

Emk5556:
Good evening sir. How's the family. Could you explain to a lay man how this policy affects him?

Good evening sir. Family is fine sir and I trust that you and yours are as fantastic as always.

The best part is more revenue for the exporters which make them to hire more.

The other part is the forex supply side. The current pain the common man goes through to source forex or do transactions in forex is because cbn has been tightly controlling forex through the demand side.

The common man may soon witness improved patronage for local alternatives for imported products because imported goods may now be appropriately priced. If a foreign good is too pricey, the foreign company may start considering opening an office in Nigeria like Kelloggs did when the imported ones where becoming too pricey. So it will benefit the common man sir.

aninibinladen:


If only you were at the CBN sensitization workshop and witnessed how SGS fumbled.

Sir, SystemSpecs , owners of Remita for TSA fumbled at first too but today TSA is doing great! That same job systemspec did for the nation was what the some international Management consultancies had already quoted billions for but an indigenous company solved it eventually.

I know that there will be hitches at the start but it will eventually succeed

GUNITGuy:
Customs clearance would be directly paid to the cbn sooo no more egunje for those NCS people who have been feeding fat for many years from diverting revenue to private pocket and giving their employer FG chicken Change

If that's what it's about then it's a good thing but the only problem is the implementation cause the customs we all know would find a way to compensate themselves and we know what happens next they'll begin charging importers non existent fees egunje pro max

tempest01:
In as much as Emefiele should ideally be arrested and charged, it is definitely not over this.

Even a blind man can see the truth not to talk of CNN creator I told my security to tell his oga it is over some clown said they just got started ..

FreeStuffsNG:
On this policy, I stand with Mr Emefiele.

That policy was a masterstroke! No amount of lobbying by those benefitting from the rotten, corrupt, chaotic and opaque system that has made it impossible for us to have a near accurate value of exports and imports in Nigeria for decades, will succeed.

https://www.thisdaylive.com/index.php/2022/01/24/with-new-portal-cbn-moves-to-halt-over-invoicing-by-importers/

This policy is another revolution policy like the Treasury Single Account (TSA).
Every patriotic Nigerian should please support it.

All the enemies of Nigeria will lose las las . They always lose.God bless Nigeria forever.

You don't even understand the policy, it's workability and rational, and you are in haste to take side because of tribal sentiments. Let me tell you, the greatest victims and losers of this draconic policies are his brothers who are 80% into importation.

Oyindidi:

You don't even understand the policy, it's workability and rational, and you are in haste to take side because of tribal sentiments . Let me tell you, the greatest victims and losers of this draconic policies are his brothers who are 80% into importation.

Most people are ignorant of the policy implementation, it's good to be sincere but the implementation is very poor.

chronique:
They should explain better what they mean. How do you buy a car for $6000 plus auction fees at the auction and now come to clear it and customs starts using $12000 value gotten from God knows where, to calculate duty for you. Which Nigerian are they expecting to buy such cars?

FreeStuffsNG:
On this policy, I stand with Mr Emefiele.

That policy was a masterstroke! No amount of lobbying by those benefitting from the rotten, corrupt, chaotic and opaque system that has made it impossible for us to have a near accurate value of exports and imports in Nigeria for decades, will succeed.

https://www.thisdaylive.com/index.php/2022/01/24/with-new-portal-cbn-moves-to-halt-over-invoicing-by-importers/

This policy is another revolution policy like the Treasury Single Account (TSA).
Every patriotic Nigerian should please support it.

All the enemies of Nigeria will lose las las . They always lose.God bless Nigeria forever.

Would this policy really translate to anything tangible for the common man? The TSA you referenced, has it really translated to anything meaningful asides a revenue generation scheme for cronies of the government ? TSA was meant to consolidate funds, but most MDAs simply created other charges that went into different non-TSA designated accounts, causing unnecessary hardship and barriers to business.
Assuming the policy is indeed fit for purpose, shouldn’t there be some sort of wider review and triaging of the policy? A policy that comes into public domain and then goes live only 10days after doesn’t exactly instill a lot of confidence.

This policy is horrible and will do a lot of damage. Let me explain to you easily.

Im in the pharma business. Lets assume I import paracetamol 20 Tons of paracetamol raw material monthly.

Now lets take prices. In China, prices range from $5.50 a KG to $7 a KG depending on quantity, credit terms, relationship, etc.

What that means if that is CBN decides their bench mark is $6 a KG, and my supplier gives me at $5.50, the invoice will be rejected and I have to buy it at the CBN benchmarked rate.

Same way around, if CBN decided their benchmark rate is $5.50, but the only supplier giving me good terms is asking for $6.80 a KG, it means i cant import either.. Hope its clear now..

There is such a massive price variation that CBN cant control price.. What this essentially means is that everyone will import goods at pretty much the same price, forgetting that some companies enjoy much better pricing due to the relationships or volume they buy from China/India, etc..

I dont know how other industries work but for Pharma industries most raw materials can have a difference of up to 25%-30%+ depending on who youre asking... Example:

10,000KG of paracetamol container 100% advance payment maybe $55,000

If i negotiate and tell the same company that I will be buying 100,000KG a year paid 100% advance, they might reduce price to $50,000

If i tell the same company I will only pay a small deposit and pay balance when goods land, the same 10,000 KG may now be $65,000 for the container, etc.

jjman2322:
This policy is horrible and will do a lot of damage. Let me explain to you easily.

Im in the pharma business. Lets assume I import paracetamol 20 Tons of paracetamol raw material monthly.

Now lets take prices. In China, prices range from $5.50 a KG to $7 a KG depending on quantity, credit terms, relationship, etc.

What that means if that is CBN decides their bench mark is $6 a KG, and my supplier gives me at $5.50, the invoice will be rejected and I have to buy it at the CBN benchmarked rate.

Same way around, if CBN decided their benchmark rate is $5.50, but the only supplier giving me good terms is asking for $6.80 a KG, it means i cant import either.. Hope its clear now..

There is such a massive price variation that CBN cant control price.. What this essentially means is that everyone will import goods at pretty much the same price, forgetting that some companies enjoy much better pricing due to the relationships or volume they buy from China/India, etc..

I dont know how other industries work but for Pharma industries most raw materials can have a difference of up to 25%-30%+ depending on who youre asking... Example:

10,000KG of paracetamol container 100% advance payment maybe $55,000

If i negotiate and tell the same company that I will be buying 100,000KG a year paid 100% advance, they might reduce price to $50,000

If i tell the same company I will only pay a small deposit and pay balance when goods land, the same 10,000 KG may now be $65,000 for the container, etc.

What I've been trying to explain to a guy called freestuffNg here. They download and read some policy document without understanding the intricacies of it.

FreeStuffsNG:

Good evening sir. Family is fine sir and I trust that you and yours are as fantastic as always.

The best part is more revenue for the exporters which make them to hire more.

The other part is the forex supply side. The current pain the common man goes through to source forex or do transactions in forex is because cbn has been tightly controlling forex through the demand side.

The common man may soon witness improved patronage for local alternatives for imported products because imported goods may now be appropriately priced. If a foreign good is too pricey, the foreign company may start considering opening an office in Nigeria like Kelloggs did when the imported ones where becoming too pricey. So it will benefit the common man sir.

oh. I see. Thanks for your time. Bless you.

aninibinladen:


Don't be misled by headlines into liking what you don't understand.

The e-invoicing crap aims at fixing prices for proposed imports/exports by placing a benchmark which is not workable. What CBN (in an unholy alliance with SGS) is indirectly trying to do is to force prices down the throat of suppliers which is not ideal. You can't for instance fix a price for panels bought from Manhattan, New york to be at $10 a unit with a tolerance margin of 2.5% plus or minus and then expect everyone buying panels from Manhattan to align with your figure with total disregard to:
1. individual negotiating power,
2. cost of production at the time you made your order,
3. better bargain when buying bulk,
4. Long term relationship with seller, who will definitely not sell to you at the same rate others are sold to.

This is a step in the right direction as it will cut the excesses of this importers
I heard importers now collaborate with their suppliers to increase the amount on their invoice so they can get excess forex and in turn sell it at black market rate.

They want to remove emefiele before 2023 election.

aninibinladen:


Don't be misled by headlines into liking what you don't understand.

The e-invoicing crap aims at fixing prices for proposed imports/exports by placing a benchmark which is not workable. What CBN (in an unholy alliance with SGS) is indirectly trying to do is to force prices down the throat of suppliers which is not ideal. You can't for instance fix a price for panels bought from Manhattan, New york to be at $10 a unit with a tolerance margin of 2.5% plus or minus and then expect everyone buying panels from Manhattan to align with your figure with total disregard to:
1. individual negotiating power,
2. cost of production at the time you made your order,
3. better bargain when buying bulk,
4. Long term relationship with seller, who will definitely not sell to you at the same rate others are sold to.

Absolutely correct