CBN Pegs Rate For Import Duty Payment - Politics (2)

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CBN Pegs Rate For Import Duty Payment - Politics (2) - Nairaland

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Customs Reduces Exchange Rate For Import Duties Payment / NNPCL Pegs Ex-Depot Price At ₦479.50 Per Litre / APC Pegs 2023 Presidential Nomination Form At ₦100m, Announce Primaries Date (2) (3) (4)

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Re: CBN Pegs Rate For Import Duty Payment by a4cube: 3:22am On Feb 24

TimeManager:

That's not what the article says, your opinion is the imagination of your low grade mind.

-kiss the truth!

Who are the importers?

1 Like

Re: CBN Pegs Rate For Import Duty Payment by mycar: 5:42am On Feb 24

some people are just dumb, customs just increased the duty from about 1500 to 1600 and because the dubious OP used the word pegged, you now think that they won't change the rate again

3 Likes 1 Share

Re: CBN Pegs Rate For Import Duty Payment by BigIyanga: 6:06am On Feb 24

Common sense dey foreign to CBN governor and co wey dey wear suit. Increase in customs duty=increase in good and services=higher inflation. Smh 🤷🏿‍♂️😂

1 Like

Re: CBN Pegs Rate For Import Duty Payment by owolabi5: 7:14am On Feb 24

Re: CBN Pegs Rate For Import Duty Payment by LegendHero(m): 7:15am On Feb 24

Most people on Nairaland no go school.

Nothing is pegged and the report did not mention that it was pegged.

What CBN just said is that they will use the closing rate Of the date of form M.

So if dollar is $2000 on the day of form M, that is the rate you will pay the fees with. So if tomorrow, the dollar falls to $1200 on the date of from M, that is the rate you will pay.

So what exactly is pegging that OP is talking about?

7 Likes 1 Share

Re: CBN Pegs Rate For Import Duty Payment by Johnjustice: 7:16am On Feb 24

successmatters:
Pegging everything in a capitalist economy is just plain old rubbish. But who is surprised? When people who learnt how to cut and mix quantities of 'coke' are trying their lucks on an economy, it will be like when a quack roadside mechanic is doing an open heart surgery on a live human patient.

You are just mocking and jesting without no sense...why don't you give a better solution?

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Re: CBN Pegs Rate For Import Duty Payment by Paraman: 7:17am On Feb 24

gaby:
They came up with a policy to allow the dollar to float and fly like a BAT and now pegging it in one corner.

What is the meaning of confusion again?

Nigerians don't even understand what is going on yet, and what is to come.

By June and upwards, everybody go understand.

The 10k rice no go dey again by then.

A lot of you just love wailing over nothing

You read the article but didn't understand what you read. And person like you will be calling Tinubu a dull man grin

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Re: CBN Pegs Rate For Import Duty Payment by Paraman: 7:18am On Feb 24

psucc:
Why regulate a deregulated market. They supposed allow the naira find it's level with dollar by March, 2024, we would have to be talking about N3000/$

Chai!! And you too go dey abuse Tinubu say e dull
Look at the way you're talking off point grin

4 Likes 1 Share

Re: CBN Pegs Rate For Import Duty Payment by maasoap(m): 7:19am On Feb 24

successmatters:
Pegging everything in a capitalist economy is just plain old rubbish. But who is surprised? When people who learnt how to cut and mix quantities of 'coke' are trying their lucks on an economy, it will be like when a quack roadside mechanic is doing an open heart surgery on a live human patient.

What do you suggest with the rate at which naira is falling everyday and custom is frustrating importers? And pegging here is not permanent but what you will pay once you fill the form even if the custom has released new adjustment before you clear your goods. Importers will still be paying varying rate but it won't affect you the moment you fill Form at a particular rate

1 Like

Re: CBN Pegs Rate For Import Duty Payment by Sctests: 7:20am On Feb 24

TimeManager:

Obi suggestion from where?. This forum needs age restriction, unintelligent people are demarketing this forum.

-kiss the truth!

PO suggested it. Open your empty brain and think. You've been here for ages, yet the turban on your skull won't let you reason well..

3 Likes

Re: CBN Pegs Rate For Import Duty Payment by bionixs: 7:22am On Feb 24

TimeManager:

Ok, you're one of those dullards that do often react to headlines without reading the body of the article. Your type are many here.

-kiss the truth!

Re: CBN Pegs Rate For Import Duty Payment by transient123(m): 7:22am On Feb 24

Zooposki:
These people are really taking suggestions from Nairaland or Peter Obi. Wow!!!! Someone here made a suggestion a couple of days back to peg the rate.

From what is released.....it's not about pegging the rate, it's about ensuring non volatility once form M is opened. The era of payment summersault despite days after for M has been filled is what they are stopping, so there can be some sanity. However, import duties is cut throat.

3 Likes 1 Share

Re: CBN Pegs Rate For Import Duty Payment by maasoap(m): 7:23am On Feb 24

Sheuns:
Why is the custom’s charging import duty in USD? If it is charged in Naira there wouldn’t be a need to adjust and readjust exchange rates.

Peg import duties in Naira and let importers seek Naira to pay. Not changing exchange rate all the time.

Other countries I know of charge import duties in their local currencies and not pegging exchange rate at USD.

They too, are taking the advantage of naira freefall grin

. Custom itself know that naira is not reliable because it is not stable. Simple as ABC

2 Likes

Re: CBN Pegs Rate For Import Duty Payment by transient123(m): 7:24am On Feb 24

psucc:
Why regulate a deregulated market. They supposed allow the naira find it's level with dollar by March, 2024, we would have to be talking about N3000/$

Don't just comment, read what is written. Abi na greek them take write it ni?

2 Likes 1 Share

Re: CBN Pegs Rate For Import Duty Payment by ebuks4ever(m): 7:24am On Feb 24

Crimecity:

Kiss the truth this time.

Thank you for sharing this... And I'm glad cbn listened.
Abeg make them dey consult far and wide before dropping policies.
They are killing trust in our system. Govt is all about trust. The American greenback has the the value it has because of the trust backing it's govt...

This frequent change of policies will scare the investors they are looking for away....

2 Likes

Re: CBN Pegs Rate For Import Duty Payment by bionixs: 7:26am On Feb 24

TimeManager:

I knew one dullard would quote the statement of the chief dullard. From the article above, can you show me anywhere the CBN stated that custom duty would no longer be increased?. You think the CBN gives a rat ass about the opinion of a chief importer, one of those killing the naira.

-kiss the truth!*

Oga, are you really okay ?

2 Likes 1 Share

Re: CBN Pegs Rate For Import Duty Payment by transient123(m): 7:27am On Feb 24

Paraman:
Chai!! And you too go dey abuse Tinubu say e dull
Look at the way you're talking off point

Most of these guys have comprehension problem, only half smart in yahoo Yahoo.

3 Likes 1 Share

Re: CBN Pegs Rate For Import Duty Payment by VeeVeeMyLuv(m): 7:35am On Feb 24

TimeManager:
Fair consideration from CBN, it reduces the panics of the importers.

-kiss the truth!

It is a very bad move, he does it to bridge the gap between official rate and parallel market rate. The headache is that parallel market rate people (BDCs and co) keep adjusting and marking the price upward. This trend will continue like this until 10,000 naira equals a $ unless BDCs are completely taken out of the picture.

Re: CBN Pegs Rate For Import Duty Payment by Tapout(m): 7:36am On Feb 24

Seun will have a hard time dealing with the tribal war on this forum now. Because now, those exchanging words are doing it on empty stomachs, And a hungry man is an angry man.

Re: CBN Pegs Rate For Import Duty Payment by LadyExcellency: 7:40am On Feb 24

TimeManager:

Obi suggestion from where?. This forum needs age restriction, unintelligent people are demarketing this forum.

-kiss the truth!

It was Peter Obi's advice this week. Read it up on Nairaland.

2 Likes 1 Share

Re: CBN Pegs Rate For Import Duty Payment by Benwallt(m): 7:46am On Feb 24

successmatters:
Pegging everything in a capitalist economy is just plain old rubbish. But who is surprised? When people who learnt how to cut and mix quantities of 'coke' are trying their lucks on an economy, it will be like when a quack roadside mechanic is doing an open heart surgery on a live human patient.

Are indicting manufacturers of fake products in Nigeria? What you described above is how igbos do business

2 Likes 1 Share

Re: CBN Pegs Rate For Import Duty Payment by blacksam01: 7:48am On Feb 24

TimeManager:

Obi suggestion from where?. This forum needs age restriction, unintelligent people are demarketing this forum.

-kiss the truth!

U don't read the news...Obi suggested this....remember he is a heavy importer and knows the nitty gritty of why price jump.per hour...so he suggested what the FG shld do

Re: CBN Pegs Rate For Import Duty Payment by CountinBlessins(m): 7:49am On Feb 24

successmatters:
Pegging everything in a capitalist economy is just plain old rubbish. But who is surprised? When people who learnt how to cut and mix quantities of 'coke' are trying their lucks on an economy, it will be like when a quack roadside mechanic is doing an open heart surgery on a live human patient.

Are you ignorant or didn't you see Peter obi calling on Tinubu to do this the other day.
You ignorant fellows should not comment openly and make all of us obedients seem stupid all the time.

2 Likes 1 Share

Re: CBN Pegs Rate For Import Duty Payment by LadyExcellency: 7:50am On Feb 24

VeeVeeMyLuv:

It is a very bad move, he does it to bridge the gap between the official rate and the parallel market rate. The headache is that parallel market rate people (BDCs and co) keep adjusting and marking the price upward. This trend will continue like this until 10,000 naira equals $ unless BDCs are completely taken out of the picture.

There is nothing about pegging the rate as read from the headline. The CBN is directing the custom to charge and collect invoicing exchange rates. If I import goods at an exchange rate of N1500 to $1, the Customs duty should be charged at a percentage rate of N1500 by implication, if the duty is 5% then the customs duty should be 5/100*1500 = 75 instead of using a future unknown rate to calculate a rate for goods imported 3 months ago.

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Re: CBN Pegs Rate For Import Duty Payment by waveman2: 7:53am On Feb 24

These are ways the increase in exchange rate is beneficial to the govt.They gain alot from it,even govt wants a stronger dollar because they earn alot in dollars and wants the citizens to spend in a weaker naira they have created.

Sheuns:
Why is the custom’s charging import duty in USD? If it is charged in Naira there wouldn’t be a need to adjust and readjust exchange rates.

Peg import duties in Naira and let importers seek Naira to pay. Not changing exchange rate all the time.

Other countries I know of charge import duties in their local currencies and not pegging exchange rate at USD.

1 Like

Re: CBN Pegs Rate For Import Duty Payment by youngrichnigga: 7:55am On Feb 24

Customs sef don turn to CBN branch because of APC's trial and error tactics and approach to governance. Our customs needs to learn how it's done in same climes and that it is not a financial institution but an arm of government with its own statutory duties:

-------------Duties of the Nigerian Customs--------

Check travellers and their baggage, cargo and mail; assess and collect Customs duties and other taxes on Goods and Services. Protect businesses against illegal trade malpractices. Enforce import and export restriction and prohibitions. Collect accurate import and export data for economic statistical usage and planning.

Re: CBN Pegs Rate For Import Duty Payment by Beautifulday: 7:58am On Feb 24

psucc:
Why regulate a deregulated market. They supposed allow the naira find it's level with dollar by March, 2024, we would have to be talking about N3000/$

Your plan no go work. You wan bury naira abi

1 Like 1 Share

Re: CBN Pegs Rate For Import Duty Payment by Beautifulday: 7:59am On Feb 24

Sheuns:
Why is the custom’s charging import duty in USD? If it is charged in Naira there wouldn’t be a need to adjust and readjust exchange rates.

Peg import duties in Naira and let importers seek Naira to pay. Not changing exchange rate all the time.

Other countries I know of charge import duties in their local currencies and not pegging exchange rate at USD.

Nah mumu dey worry them. Still putting pressure on dollar.

Re: CBN Pegs Rate For Import Duty Payment by Themandator: 8:00am On Feb 24

Zooposki:
These people are really taking suggestions from Nairaland or Peter Obi. Wow!!!! Someone here made a suggestion a couple of days back to peg the rate.

Obi is a business manager and shoukd know what affects businesses.

This is what you cannot say of Tinubu

1 Like

Re: CBN Pegs Rate For Import Duty Payment by Themandator: 8:05am On Feb 24

TimeManager:
Fair consideration from CBN, it reduces the panics of the importers.

-kiss the truth!

Other than petroleum products import the other issue that puts pressure on the naira is the custom duties that is collected in physical dollar for a nation with her own currency

The first vote of no confidence in the naira comes from the government so I'm not surprised that rents and salaries are negotiated in dollar in a sovereign state

Lastly, many of the governors whose case just got dispensed with at the Supreme Courts needed dollars, badly and you know why

Re: CBN Pegs Rate For Import Duty Payment by Saidfx(m): 8:08am On Feb 24

successmatters:
Pegging everything in a capitalist economy is just plain old rubbish. But who is surprised? When people who learnt how to cut and mix quantities of 'coke' are trying their lucks on an economy, it will be like when a quack roadside mechanic is doing an open heart surgery on a live human patient.

Werey Nla!

Your president will rule you and he will succeed. Nigeria has long been a borrower and we spend and pay debt. Peter Obi won't become the president of Nigeria till we gradually turn her into a Regional system. We are getting there...

The problems with those men from the rising 🌞 is that they don't know their father's caused them this failure. Yes ZIK! He stylishly killed the plans to use the regional government system. Now we are here and they are wailing. The drug lord will rule you and he will succeed. Werey jati jati

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