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Customs Reduces Exchange Rate For Import Duties Payment - Politics (2) - Nairaland

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Customs Increases FX Rate For Import Duties To ₦‎1,441/$ / CBN Pegs Rate For Import Duty Payment / Customs Reduces Checkpoints From Seme To Miles 2 Boarder To Facilitate Trade (2) (3) (4)

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Re: Customs Reduces Exchange Rate For Import Duties Payment by kingi777: 5:29pm On Apr 19
Meaning customs are part of the reason for highcost of things in Nigeria.

2 Likes

Re: Customs Reduces Exchange Rate For Import Duties Payment by gloryman91: 5:30pm On Apr 19
Bring it back to $1 to #1 and open boarders with full and properly monitoring.

1 Like

Re: Customs Reduces Exchange Rate For Import Duties Payment by Krankhead: 5:30pm On Apr 19
BlocksNG:
balablu is just waking up, nkan ti baje already.
Continue wailing and crying. All your mated are making good use of the system

1 Like 1 Share

Re: Customs Reduces Exchange Rate For Import Duties Payment by Kingzmate(m): 5:38pm On Apr 19
HE HE N91 REDUCEMENT cheesy
Re: Customs Reduces Exchange Rate For Import Duties Payment by Bimpe29: 5:38pm On Apr 19
Slow and steady, Nigerian economy will get better.

1 Like

Re: Customs Reduces Exchange Rate For Import Duties Payment by Honestey: 5:38pm On Apr 19
Now I understand the meaning of RENEWED HOPE:
. First they made us all lost hope then now they are trying to make life survivable for us and our hopes getting auto renewal

2 Likes

Re: Customs Reduces Exchange Rate For Import Duties Payment by Kewtt: 5:39pm On Apr 19
BlocksNG:
Nigeria currupt system won't allow me to, no hope for common man.
That common man is the problem with Nigeria

2 Likes

Re: Customs Reduces Exchange Rate For Import Duties Payment by BlocksNG(m): 5:40pm On Apr 19
mated? Go back to school, ole alagbado.
Krankhead:
Continue wailing and crying. All your mated are making good use of the system
Re: Customs Reduces Exchange Rate For Import Duties Payment by BlocksNG(m): 5:41pm On Apr 19
Yes, and 97% of citizens are common. Wetin we go do bayii?
Kewtt:

That common man is the problem with Nigeria
Re: Customs Reduces Exchange Rate For Import Duties Payment by edogu(m): 5:53pm On Apr 19
Let's hope it will translate to reduction of prices of imported goods.
Re: Customs Reduces Exchange Rate For Import Duties Payment by fatboyslym007: 5:54pm On Apr 19
KennethOkonkwo:


It's not that easy!
Economics is not jus 2+2=4


I pray you become president one day!

Stop it man...
Which kind prayer be that? Nigeria is just getting it right o... grin grin grin
Re: Customs Reduces Exchange Rate For Import Duties Payment by CrossRhodes: 5:58pm On Apr 19
Only 91 naira cheesy

And you want importers to sell good and service cheap..una well-done.

2 Likes

Re: Customs Reduces Exchange Rate For Import Duties Payment by CrossRhodes: 5:59pm On Apr 19
edogu:
Let's hope it will translate to reduction of prices of imported goods.
Yes imported of flour will reduce by 10 naira
Re: Customs Reduces Exchange Rate For Import Duties Payment by CrossRhodes: 6:00pm On Apr 19
kingi777:
Meaning customs are part of the reason for highcost of things in Nigeria.
They are the main reason...
Last year they increased like 3 times in several months, so many goods left uncleared as a result...
Now reducing by 91 naira and people will start clapping hands, then they expect importers to sell cheap..

Ok oo

2 Likes

Re: Customs Reduces Exchange Rate For Import Duties Payment by ogaontop(m): 6:01pm On Apr 19
PressMyButton:

You're a joke, a very big joke. You guys just sit behind your phone spewing trash. Would you rather we encourage excessive importation at the detriment of the naira?, knowing the much lower the custom rate, the more pressure on the dollar. At this point, we can't afford too low custom rate while stabilizing the naira, else it will be counter-productive.
You've come again with your upside-down economics, when it was at the peaks, what and what did we produce and export?
See, till today, there is no substitution for those things we import! More production companies are even closing up due to high costs and unfavourable policies.
Finally, bookmark this, before ending May, the custom duty will go below N1,000.
You did prove you're more economist than the CBN governor and the economic team!
The increase in the duty is more of revenue generation. Customs has generated about 1.5 trillion in the first quarter of the year!! More than 10% of the budget is being funded by the Customs.

1 Like

Re: Customs Reduces Exchange Rate For Import Duties Payment by rockyh(m): 6:03pm On Apr 19
commoditiesnig:

Good point! We need to do more export than import
we need to do more export of substandard ewa and agbado

1 Like

Re: Customs Reduces Exchange Rate For Import Duties Payment by StPete: 6:09pm On Apr 19
PressMyButton:

You're a joke, a very big joke. You guys just sit behind your phone spewing trash. Would you rather we encourage excessive importation at the detriment of the naira?, knowing the much lower the custom rate, the more pressure on the dollar. At this point, we can't afford too low custom rate while stabilizing the naira, else it will be counter-productive.

Now you’re speaking grammar. Did you do all these calculations when Jonathan was in power and dollar was around N200+? How was Nigeria still able to operate fairly?

1 Like

Re: Customs Reduces Exchange Rate For Import Duties Payment by okorogodwin4(m): 6:15pm On Apr 19
Reduction Kee udre NDI oshi
Re: Customs Reduces Exchange Rate For Import Duties Payment by princedukee(m): 6:17pm On Apr 19
Goods are still expensive. Anything that's goes up in Nigeria finds it difficult to go down
Re: Customs Reduces Exchange Rate For Import Duties Payment by lotkyes200: 6:39pm On Apr 19
Why do they collect in dollars is that not stupidity for Nigerians to go look for dollars to clear goods here in Nigeria hmmm

1 Like

Re: Customs Reduces Exchange Rate For Import Duties Payment by kingsclass: 6:42pm On Apr 19
Why should import duties payment be based on dollars exchange rate? We should have our fixed rate based on our currency.

1 Like

Re: Customs Reduces Exchange Rate For Import Duties Payment by PressMyButton: 6:46pm On Apr 19
ogaontop:

You've come again with your upside-down economics, when it was at the peaks, what and what did we produce and export?
See, till today, there is no substitution for those things we import! More production companies are even closing up due to high costs and unfavourable policies.
Finally, bookmark this, before ending May, the custom duty will go below N1,000.
You did prove you're more economist than the CBN governor and the economic team!
The increase in the duty is more of revenue generation. Customs has generated about 1.5 trillion in the first quarter of the year!! More than 10% of the budget is being funded by the Customs.
You're an illiterate, an economy that is battling with forex shortages, inflation, must control importation and that's what CBN is doing.
Re: Customs Reduces Exchange Rate For Import Duties Payment by Tapout(m): 6:49pm On Apr 19
shuttox:
It is still high

Very High!
Re: Customs Reduces Exchange Rate For Import Duties Payment by PressMyButton: 6:52pm On Apr 19
735i:


The effort should be on completely removing export bottlenecks.
What you don't realize is that it's easier to import into Nigeria than it is to export out of Nigeria.
Also, in reality, customs shouldn't be focused on generating revenue. How can a gatekeeper be charged with generating revenue?
Customs shouldn't generate revenue?, Is there any customs in the world that doesn't generate revenue from relevant custom duties?. Our border should be thrown wide open for all kinds of commodities coming in and going out?, stop clowning.
Re: Customs Reduces Exchange Rate For Import Duties Payment by MatthiasChin: 7:24pm On Apr 19
The poor is definitely not breathing..not in this APC regime
Re: Customs Reduces Exchange Rate For Import Duties Payment by ayufun: 7:31pm On Apr 19
Why are they charging using dollar exchange rate?

Is that not an act of dollarising the economy cuz there's no difference in collecting dollars for the import duties since you're taking the naira equivalent?

The government is allowing this, knowing well that our currency is weak, and it's going to cause inflation to the economy and hardship for the people.

When are we going to have government that mean well for the masses?
Re: Customs Reduces Exchange Rate For Import Duties Payment by Kpartners: 7:33pm On Apr 19
Easywrite:
Thats common sense reduction. Dollar is falling, it should reflect across the economy including custom charges.
Dollar is dropping?
Says who
Did you check the price this evening?

1 Like

Re: Customs Reduces Exchange Rate For Import Duties Payment by iamtoofan: 7:42pm On Apr 19
PressMyButton:

You're a joke, a very big joke. You guys just sit behind your phone spewing trash. Would you rather we encourage excessive importation at the detriment of the naira?, knowing the much lower the custom rate, the more pressure on the dollar. At this point, we can't afford too low custom rate while stabilizing the naira, else it will be counter-productive.



Lets be reality, ban or hiking importies duties as never stopped the excesssive import of foreign goods, naa prices go high

Since govt made policies to throttle import, how far as our local production grow or is it even growing, can our local production really cater for us
lets be realistic, when nigeria was importing freely the naira is not as valueless as it now, we didnt see naira fall freely

Nigeria problem no dey economic textbook abeg undecided should govt open border and lower custom duties prices will crash market prices
Re: Customs Reduces Exchange Rate For Import Duties Payment by ogaontop(m): 7:45pm On Apr 19
PressMyButton:

You're an illiterate, an economy that is battling with forex shortages, inflation, must control importation and that's what CBN is doing.
Illiterate theoretical economist, you're controlling importation with which substitutes?
Do you know how many that has died because they can no longer afford drugs I think you need to go start from your SS3 economics and stop sounding professional while you're misleading people!
CBN has repeatedly implemented what I wrote up there!!
Re: Customs Reduces Exchange Rate For Import Duties Payment by ogaontop(m): 7:47pm On Apr 19
One
Re: Customs Reduces Exchange Rate For Import Duties Payment by PHAYOL81: 7:51pm On Apr 19
Good news for the importers. Hurraaaaaaayy！
Re: Customs Reduces Exchange Rate For Import Duties Payment by Gesman: 7:57pm On Apr 19
How many of the goods imported are produced in Nigeria?
PressMyButton:

You're a joke, a very big joke. You guys just sit behind your phone spewing trash. Would you rather we encourage excessive importation at the detriment of the naira?, knowing the much lower the custom rate, the more pressure on the dollar. At this point, we can't afford too low custom rate while stabilizing the naira, else it will be counter-productive.

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