CBN Pegs Rate For Import Duty Payment - Politics (4)

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CBN Pegs Rate For Import Duty Payment - Politics (4) - 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 odduduwa: 10:30am On Feb 24

TimeManager:

Aside insults, what else do you have in that small head full of Obi's urine?

-kiss the truth!

C

but you have been insulting

Re: CBN Pegs Rate For Import Duty Payment by richeeyo(m): 10:38am 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 have spoken wisely in the gathering of fools😂😂
You just another fool

1 Like

Re: CBN Pegs Rate For Import Duty Payment by StarRida: 10:41am 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.

obviously they are

Re: CBN Pegs Rate For Import Duty Payment by jaxxy(m): 10:41am On Feb 24

That's what Obi has been saying. They are just knowing the implications

Re: CBN Pegs Rate For Import Duty Payment by Opintiwa: 10:46am 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?

Fake Rolex jangun

How body

Re: CBN Pegs Rate For Import Duty Payment by Bluntemperor: 10:47am On Feb 24

treesun:
Nlfpmod, Tinubu and APC are bereaved of ideas on how to solve Nigeria problems!

Hates and criticism is a hall mark of some people in Nigeria, and falsely thinking they are doing it to hurt some people in Govt!
You are worst off because you should tell us your better ideas,if any.
We can't continue to do same things,since independence,yet getting worst results! No we need to try another styles!

2 Likes

Re: CBN Pegs Rate For Import Duty Payment by Emman08: 10:47am 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.

Exactly. Sounds like a command economy to me. Everything is "ban", "peg", "enforce". Tinubunomics abi na APCnomics in the gutter.

Re: CBN Pegs Rate For Import Duty Payment by Killermamba: 11:27am 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.

this your comment choke

Re: CBN Pegs Rate For Import Duty Payment by InvertedHammer: 11:43am On Feb 24

/
CBN keeps devaluing naira at the official window and then turn around to chase BDC operators grin

Re: CBN Pegs Rate For Import Duty Payment by treesun: 11:50am On Feb 24

Bluntemperor:

Hates and criticism is a hall mark of some people in Nigeria, and falsely thinking they are doing it to hurt some people in Govt!
You are worst off because you should tell us your better ideas,if any.
We can't continue to do same things,since independence,yet getting worst results! No we need to try another styles!

You dont have an ilk of collecting money to clear good at $1 at 1400, but suddenly jacked up to 1570, within days up to 1650. Nobody hates govt, but government hates everybody. Most of you have never engaged in any productive venture than hands down!

Re: CBN Pegs Rate For Import Duty Payment by gaby(m): 1:23pm On Feb 24

Blakjewelry:

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

Senseless oafs still clutching at straws over madness decoyed as policies.

So, for instance, if I opened a form "M" at #2000 to a $ and the rates drops to #1000 by the time my form is processed, I'll still be charged at the initial #2k.

Tell me you all are stupid without even saying it.

Mad dull and confused people.

Re: CBN Pegs Rate For Import Duty Payment by gaby(m): 1:23pm On Feb 24

Paraman:
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

Re: CBN Pegs Rate For Import Duty Payment by psucc(m): 1:48pm On Feb 24

That someone is importing satchet garri and soup from China means there's a buyer here.
Especially our political class who uses our common wealth to show class or distinguished themselves from the poverty stricken populace are ready markets from this imports.

For example, there's a furniture maker here in Ikot Ekpene, Akwa Ibom State who exports his products to Dubai. He's located around Uyo road. Now whenever a Nigerian imports any of the product, which are always dismembered before bringing it in to the country, the exporting company will direct the buyer to him. That he's the only one who can fix the set. Of course, that comes with a fee.

I said this from a very well informed point not just an exaggeration

PARADIZEPRIEST:
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.

1 Like

Re: CBN Pegs Rate For Import Duty Payment by lastempero: 2:27pm On Feb 24

These people are pure definition of fallen demons or they have nothing in their grey area.
You are talking of stability n at the same time you are asking importers to using a floating naira for payment.

Re: CBN Pegs Rate For Import Duty Payment by NIGERDELTAIDOL: 2:32pm On Feb 24

This is Peter Obi suggestion....
Mumu CBN,so they don't know what to do

Re: CBN Pegs Rate For Import Duty Payment by writeprof(m): 3:03pm On Feb 24

The last adjustment of the exchange rate by Customs saw the rate move upwards from N1537.07 to N1605.82 per USD.

Is this not an evidence that CBN and those managing the Nigeria economy are not ready to fix this situation in the country

Re: CBN Pegs Rate For Import Duty Payment by Cunnilingus(m): 3:05pm On Feb 24

Thats to say that my Form M of of Exchange rate ₦770. ₦770 will be used in my duty

1 Like

Re: CBN Pegs Rate For Import Duty Payment by LegendHero(m): 4:32pm On Feb 24

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

So what is the difference between what I said and what you wrote?

Re: CBN Pegs Rate For Import Duty Payment by Growing(m): 4:41pm On Feb 24

So now, is naira floating or are you pegging it?

Confusion and trial and error everywhere.

Re: CBN Pegs Rate For Import Duty Payment by charlsecy(m): 5:27pm On Feb 24

Themandator:
the other issue that puts pressure on the naira is the custom duties that is collected in physical dollar..

Customs duties are not collected in Dollar. Instead, imports are valued based on Dollars, which is then used for computation of duties payable in Naira equivalent.

Re: CBN Pegs Rate For Import Duty Payment by Babinski: 6:12pm 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.

Import duties are basically assessed as percentages or fractions of the good or importation cost. These costs are typically in Dollars because foreign countries won't collect Naira from you to buy goods or services. So the assessed import duties are in dollars and then converted to Naira using a specific exchange rate so they can be paid to the Customs in Naira.

1 Like

Re: CBN Pegs Rate For Import Duty Payment by Primusinterpares(m): 9:21pm On Feb 24

Do we truly have economists in this government.
For crying out loud... why will import duties be in dollars? Are you not dollarizing your economy by this act alone?

Make import duties in naira equivalence of the imported item. By so doing you are reducing the pressure on the dollar thereby making the naira appreciate against the dollar.

This things are simple economics of supply and demand. If the demand is higher than supply the prices will increase. This is our current reality

Re: CBN Pegs Rate For Import Duty Payment by steeltrust: 2:45am On Feb 25

This came not too long on Peter obi’s advice

I wish Obi win
Many people for comot naija

Re: CBN Pegs Rate For Import Duty Payment by PaNnamdi: 5:33am On Feb 25

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.

Exactly,I was the man u can check my threads

When illiterates were insulting me some confused smart men saw sense in what I was saying

Re: CBN Pegs Rate For Import Duty Payment by Themandator: 6:56pm On Feb 25

charlsecy:
Customs duties are not collected in Dollar. Instead, imports are valued based on Dollars, which is then used for computation of duties payable in Naira equivalent.

Okay

Re: CBN Pegs Rate For Import Duty Payment by Badb0y4lyf(m): 5:45am On Feb 26

Then CBN and customs are the ones pushing dollar higher not Binance how can you peg imports duty at 1k6 the obviously the parallel market will Always have 200 or 300 naira more.

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