CBN Pegs Rate For Import Duty Payment - Politics (3)

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CBN Pegs Rate For Import Duty Payment - Politics (3) - 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 Themandator: 8:12am On Feb 24

TimeManager:

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

-kiss the truth!

But Obi suggestion or statement was on front lage just days ago

Re: CBN Pegs Rate For Import Duty Payment by Obi3icebaba(m): 8:13am On Feb 24

TimeManager:

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

-kiss the truth!

When you done embarrassing yourself online you can go offline and tell yourself the truth, you think it's about shouting kiss the truth when in reality you are very dumb

Re: CBN Pegs Rate For Import Duty Payment by Bluffly: 8:14am 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/$

There are statutory areas that must be stable

Re: CBN Pegs Rate For Import Duty Payment by 540niyilolawa: 8:19am On Feb 24

Blindness ontop stewpïdity na double wahala for dead bodyBlindness ontop stewpïdity na double wahala for dead body...

Re: CBN Pegs Rate For Import Duty Payment by HBB1(m): 8:22am 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.

So what do you suggest instead?

Re: CBN Pegs Rate For Import Duty Payment by ArcSEMPECJ(m): 8:22am On Feb 24

Crimecity:

Kiss the truth this time.

Why addressing the Foolish Policy Committee member of APC on Nairaland matters

??

You should have allowed him to be floating like Naira against Dollar over here ....

1 Like 1 Share

Re: CBN Pegs Rate For Import Duty Payment by HBB1(m): 8:23am 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.

I guess they read all the comments on Nairaland before making decisions

1 Like

Re: CBN Pegs Rate For Import Duty Payment by Themandator: 8:23am On Feb 24

LegendHero:
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?

It is you that doesn't even understand the simple statement.

To subsidise your ignorance the reports says the rate as at the date you as importer submitted your M form that is the rate that will continue for you until you receive your goods in your warehouses.

In other words, if the rate was 1600 on that date and the day you receive your goods it has climbed to 3000 what applies to you is 1600

Re: CBN Pegs Rate For Import Duty Payment by Oghene86: 8:27am On Feb 24

treesun:

https://punchng.com/cbn-pegs-rate-for-import-duty-payment/

If they like they arrest all BDC operators in the country the Naira will continue to fall, as long as we are not having in Flow of dollars nothing would happen, these men are not economist they are commercial bankers and don't expect anything good from Cardoso that ran a bank down to liquidation

1 Like

Re: CBN Pegs Rate For Import Duty Payment by Themandator: 8:27am On Feb 24

Bluffly:

There are statutory areas that must be stable

Mention 2 '' statutory' areas and non 'statutory' areas

Re: CBN Pegs Rate For Import Duty Payment by IamAtikulate: 8:33am On Feb 24

I thought Tinubu wants to float the FX?

Why is he pegging the custom's exchange rate again?

Confused man

Re: CBN Pegs Rate For Import Duty Payment by chidiokay: 8:36am On Feb 24

LegendHero:
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[b] they will use the closing rate Of the date of form M.[/b]

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?

that is still "pegging", i believe you understand how auto and manual work

Using the "closing rate" resonates with the manual, cos it is dependent on effort and "FIXED"

While the floated exchange rate can be ascribed as Automatic, the Fx market determines the price parties just follow

Just an analogy, before you come back and tell me you no find am for textbooks cheesy

1 Like

Re: CBN Pegs Rate For Import Duty Payment by Elliotwaveforec: 8:38am On Feb 24

LadyExcellency:

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.

Thank you! You're good.

1 Like

Re: CBN Pegs Rate For Import Duty Payment by Themandator: 8:43am On Feb 24

TimeManager:

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

-kiss the truth!

Re: CBN Pegs Rate For Import Duty Payment by tivity101: 8:43am On Feb 24

This was PO advice some time ago but the clueless government never saw the importance in it. Finally they are gradually waking from thier slumber to do the needful.

Besides, why do we even charge import duties in dollars? Why not charge in naira so it could be easier for importers

Re: CBN Pegs Rate For Import Duty Payment by nlreserve: 8:46am 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!

Your reply went off the line you were arguing about. Be humble and kiss the truth

Re: CBN Pegs Rate For Import Duty Payment by chidiokay: 8:55am On Feb 24

Oghene86:

If they like they arrest all BDC operators in the country the Naira will continue to fall, as long as we are not having in Flow of dollars nothing would happen, these men are not economist they are commercial bankers and don't expect anything good from Cardoso that ran a bank down to liquidation

Not having an inflow of Dollar is not the problem per say ... The excessive demand for dollar is what is strangulating the naira and as if that is not worst enough we now have FX speculators who specializes in Mopping & hoarding little available dollar to squirt overnight profit.
If the inflow is low and the demand for dollar is low or moderate the economic will stil sail

The scope of an "economy" is transactional inflow and outflow of money, and what bankers do is money practical compared to economists who just profound theories, i think economists are better of as consultants

Re: CBN Pegs Rate For Import Duty Payment by JagabanB: 9:02am 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.

And u are a very successful economist online.

1 Like 1 Share

Re: CBN Pegs Rate For Import Duty Payment by cjfavour(m): 9:07am On Feb 24

At last he listened to po's advice.

treesun:

https://punchng.com/cbn-pegs-rate-for-import-duty-payment/

Re: CBN Pegs Rate For Import Duty Payment by cjfavour(m): 9:13am On Feb 24

The poster should be blamed not the people.

Themandator:

It is you that doesn't even understand the simple statement.

To subsidise your ignorance the reports says the rate as at the date you as importer submitted your M form that is the rate that will continue for you until you receive your goods in your warehouses.

In other words, if the rate was 1600 on that date and the day you receive your goods it has climbed to 3000 what applies to you is 1600

Re: CBN Pegs Rate For Import Duty Payment by PARADIZEPRIEST: 9:19am 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/$

WHAT IS HAPPENING IS ALSO SERIOUS DETERENT TO THOSE FOOLS IMPORTING NONSENSE INTO NIGERIA.
HOW CAN YOU BE IMPORTING FURNITURE AND UPHOLTERY INTO NAIJA,IMPORTING FOREIGN PAINTS, IMPORTING EVEN FOREIGN NEW CARS WHERE INNOSON MOTORS IS DOING GREAT.

YOU PPL ARE ARCHITECH OF YA PROBLEM,YOUR UGLY TASTE FOR FOREIGN GOODS PUSHES THE LIKES OF PUBLIC SERVANTS AND BANKERS TO LOOT AND FUTHER COMMIT ECONOMIC CRIMES AGAINST NAIJA TO SUSTAIN SUCH UGLY LIFESTYLE. DOUBLE JEOPARDY. angry

1 Like

Re: CBN Pegs Rate For Import Duty Payment by efemena5050(m): 9:30am On Feb 24

gaby:

Oh, hold on..I need to grab my glasses to check the title of the thread.

Ekpa.

The likes of you are the retards pretending to be monetary policy makers.

Una dey dance around in circles with no direction.

Turnionion..

let me help u, the "Ekpa" he called u simply means ....MUMU../ SENSELESS Goat.........is an urhobo word from Delta state .......Am a translator in nairaland I translate curses and abuses in local tongues

1 Like

Re: CBN Pegs Rate For Import Duty Payment by Win12345: 9:30am On Feb 24

Jokers, give Obi Nigeria and see turn around in six months. Your people despise Obi but take his advise. There are much more Obi can offer Nigeria.
ALL THAT WE ARE SUFFERING TODAY ARE NEEDLESS.
But we have incompetent and corrupt APC incharge.

Re: CBN Pegs Rate For Import Duty Payment by treesun: 9:44am On Feb 24

TimeManager:

Olodo, you went and bring a news but you can't read to get a proper understanding of it. Bunch of half baked graduates

-kiss the truth!

I am into clearing and forwarding, so I understand. You must have wasted your school days. They are now begging because agents have raised voices. in the last 10 days, exchange rates changed more than twice!

Re: CBN Pegs Rate For Import Duty Payment by treesun: 9:45am On Feb 24

IamAtikulate:
I thought Tinubu wants to float the FX?

Why is he pegging the custom's exchange rate again?

Confused man

Cold bottle for you, all these APC urchins dont know anything!

Re: CBN Pegs Rate For Import Duty Payment by Blakjewelry(m): 9:53am 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.

Are you sure you read the body of the message abi na to read headline and then comment.

Re: CBN Pegs Rate For Import Duty Payment by Vision101(m): 9:55am On Feb 24

Kaycee9242:
Trial and error government

I don't think that you understood what the CBN is saying. The new rules helps the importer to plan his cost and the customs to plan their budget. The old rules which are volatile has been in operation for long.

Let's praise these men. This is the toughest job in Nigeria right now. They are managing the damage of so many years.

1 Like

Re: CBN Pegs Rate For Import Duty Payment by Stanboy0813(m): 9:59am On Feb 24

treesun:

https://punchng.com/cbn-pegs-rate-for-import-duty-payment/

But why do we have to clear in dollars instead of our national currency. Just asking cause I honestly don't know.

Re: CBN Pegs Rate For Import Duty Payment by casualobserver: 10:17am 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 shouldn’t complain when the Naira appreciates (and it will eventually) and the duty they are asked to pay is more than the prevailing exchange rate at the time the goods land .

Uncertainty and risk is a part of business.

1 Like

Re: CBN Pegs Rate For Import Duty Payment by Concord23(m): 10:19am On Feb 24

I said that dollar will not come down since CBN is peg import duty above #1000, CBN is the cause hike

Re: CBN Pegs Rate For Import Duty Payment by Dynamicboss: 10:25am 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.

When naira was floated, what happened? Is Nigeria an export based country?

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