₦airaland Forum

Bazztadewu:
DHL still held my iPhone 15 since January,asking me to pay 500k as custom duty... ...................

500k, didn't they verify the price, that the 15 in the iPhone stands for 15k.

Cmanforall:
Is this good?

Which site will importers be using now?

You can still use the site but won’t be paying anymore for the verification


You read am upside down? 🙃

I think this is about price of goods that are imported with forex allocated by CBN. This is a process that helps with capital controls.

Let's say Alpha Ltd wants to import some machines from the USA and needs dollars.

It's illegal to buy it on the black market. More importantly the black market is more expensive.

Alpha Ltd applies to CBN for $1 million. This is where the government power and corruption starts.

CBN wants to make sure the machine is worth $1 million. That is the purpose of the Price Verification System.

If not, the machine may be worth only $100K and Alpha will have gotten a profit on $900K worth of forex.

Alpha Ltd can collude with the USA company to issue a receipt for $1 million on a machine worth $100K.

The purpose of all this is to ensure that "our forex" is used properly 😆, but we all know it's eye service.

Same thing exporters too. Say a farmer exports $1million dollars worth of cocoa. When the buyer in Germany pays, the law is that the exporter must exchange the dollars at CBN and accept the LOWER CBN rate 😳

What does the exporter do? He convinces the customs officers to issue a LOWER value for the exported cocoa OR gets the German buyer to claim he bought it at a lower price.

I hope it explained as simple as possible. When you read economic journals stating that "$400 billion was illegally taken abroad since 1980" this is a major part of what they're referring to. They are referring to private money that the government wants to seize through forex regulations.

People don't want to give up their hard earned money to government. Same thing here

https://www.nairaland.com/8136256/cbn-reforms-boost-diaspora-remittances

The reason government is getting more official forex from remittances is because the gap between CBN and black market is much smaller than before. That GAP enables round tipping corruption. This is why Nigerian politicians and government officials have NEVER EVER permitted a free float of naira.

One of the major avenues for STEALING from Nigerians is forex price regulations. Nigerians earn hard currency and government forces them to accept worthless naira in exchange. Basically the government keeps printing more and more naira and using it to buy your hard earned forex.

Good Luck to Nigeria.

Brendaniel:
The CBN Price Verification System typically refers to a system or platform used by the Central Bank of Nigeria (CBN) to monitor and verify prices of goods and services in the country. This system is crucial for maintaining price stability and ensuring that prices are fair and in line with regulatory standards.




Chai Tinubu has scammed some people that voted and supported him

You are wrong sir....it's to verify the authentic prices of the goods you intend to import from the country of origine so as to detect over or under invoicing....fake form M requests.

casualobserver:
Like you even understand what this is about?

So called educated Nigerians just feel a need to comment even on things they know nothing about. They have google but wwill refuse to take the 2 minutes to seek knowledge.

PVS was a mechanism in the days of official (subsidized) forex to prevent importers from requesting more forex than the cost of the items they were importing. Now that the black market and the official market have converged it has become redundant.

as u explain am now, u don die? Una go dey act like say na una know book pass. With all una Sabi book how d country take better?

rexlims:
as u explain am now, u don die? Una go dey act like say na una know book pass. With all una Sabi book how d country take better?

Like I said. Let the benefits of your education show. In the time It took you to post the nonsense you posted earlier you could have just typed “pvs” into google.

Education is not about remembering stuff in exams but training the mind to think. If you can remember things but don’t know how to use the information you are no better than the uneducated.

Price verification system is a portal owned by the CBN whereby price is verified by the importer for the purpose of opening Form M. The window is open to Banks and Nigeria Custom Service. It's helps in determining the price of the foreign goods and importer is about to import into the country. The Price Verification determine the foreign price of such an item and automatically input that in the form M processing by the importer's bank.

Tinubu brought this verification system last August and now he's taking it away. The trial and error of this government is damn too much. I thought he came with technocrats that knows their onions and pepper but the opposite has been the situation.

In my view, cos in the circular, nothing to take the place of the removal but I believe that it means we are going back to the old system of negotiation with custom and banks. It would turn to the time of negotiating the price of item you want to import from a foreign land with custom and banks so that you can process your form M. This system ain't the best, it would enrich and encourage bribery join together with the already organised bribery by custom in the ports. Though, importer might pay less after bribing officers to give a lower value of the item....so much to explain but that's the summary for now

Lithiumite:
You are wrong sir....it's to verify the authentic prices of the goods you intend to import from the country of origine so as to detect over or under invoicing....fake form M requests.

Thats how you guys talk anyhow to defend Tinubu

MrDoGood:
Another story ooo

This government don't implement what will be a betterment to the citizens. Don't believe any new policy they bring up.
It's for their own gain

Shut up joor... Cho Cho Cho...
What do you know about this circular now or na just to come and comment ni kawai... Efufulefu...

EBEk101:
You can still use the site but won’t be paying anymore for the verification


You read am upside down? 🙃

I didn't even read it

EBEk101:
You can still use the site but won’t be paying anymore for the verification


You read am upside down? 🙃

I didn't even read it

I barely relate with the logic of PVS. The inputs that go into the production of products in similar category vary in quality and costs so I don't understand how CBN expects the prices of imported products to always fall within its predetermined threshold. Also, the process shows that there is lack of synergy between CBN and customs as it is same details that you input while generating Form Ms that you still input in the price verification system. One would expect that there is an interphase between both systems to avoid process time wasting and effort duplication but as usual Nigeria way go always dey different

Peejayz:
Someone should explain.


How will it affect importation

The PVS portal is grossly unnecessary, its a repetition of the form m portal. Its tasking and time wasting, it doesn't add any value to form m goods importation. It was introduced late in Emefele's era, I think somebody just introduced that project to mercilessly siphon some money.

drey777:
Good riddance... CBN and NCS could not agree on a unified exchange rate for import duties despite having a single trade portal.

NCS claimed they have a target to deliver for FGN...

CBN still acting like a start up...

Another policy summersault (trademark of this govt)

The system. Waste of money paid to the developers.

osazsky:
Prices of import will go up since the importers know dat CBN won't varyfy prices wat ever price they put on imported goods will be given approval provided they pay bribe simple

Look at the shameless comment you wrote

You don't even know why the mechanism was put in place before. I won't be shock you're an obidient

IbeOkehie:
I think this is about price of goods that are imported with forex allocated by CBN. This is a process that helps with capital controls.

Let's say Alpha Ltd wants to import some machines from the USA and needs dollars.

It's illegal to buy it on the black market. More importantly the black market is more expensive.

Alpha Ltd applies to CBN for $1 million. This is where the government power and corruption starts.

CBN wants to make sure the machine is worth $1 million. That is the purpose of the Price Verification System.

If not, the machine may be worth only $100K and Alpha will have gotten a profit on $900K worth of forex.

Alpha Ltd can collude with the USA company to issue a receipt for $1 million on a machine worth $100K.

The purpose of all this is to ensure that "our forex" is used properly 😆, but we all know it's eye service.

Same thing exporters too. Say a farmer exports $1million dollars worth of cocoa. When the buyer in Germany pays, the law is that the exporter must exchange the dollars at CBN and accept the LOWER CBN rate 😳

What does the exporter do? He convinces the customs officers to issue a LOWER value for the exported cocoa OR gets the German buyer to claim he bought it at a lower price.

I hope it explained as simple as possible. When you read economic journals stating that "$400 billion was illegally taken abroad since 1980" this is a major part of what they're referring to. They are referring to private money that the government wants to seize through forex regulations.

People don't want to give up their hard earned money to government. Same thing here

https://www.nairaland.com/8136256/cbn-reforms-boost-diaspora-remittances

The reason government is getting more official forex from remittances is because the gap between CBN and black market is much smaller than before. That GAP enables round tipping corruption. This is why Nigerian politicians and government officials have NEVER EVER permitted a free float of naira.

One of the major avenues for STEALING from Nigerians is forex price regulations. Nigerians earn hard currency and government forces them to accept worthless naira in exchange. Basically the government keeps printing more and more naira and using it to buy your hard earned forex.

Good Luck to Nigeria.

Your comment deserve to be on the first page

MrDoGood:
Another story ooo

This government don't implement what will be a betterment to the citizens. Don't believe any new policy they bring up.
It's for their own gain

You are good on that

DarlingtonC:
Genuine question, what is the benefit of this new development to the importation process?

All man for himself...The power now rest with your bank officers...they don't need second level clearance from CBN anymore

Brendaniel:
Thats how you guys talk anyhow to defend Tinubu

The guy is also right..Price verification system monitors under pricings of imports..

Importers do this to reduce import duties.

It's also used to exclude products that were band from accessing Forex in the past.

adioolayi:
The guy is also right..Price verification system monitors under pricings of imports..

Importers do this to reduce import duties.

It's also used to exclude products that were band from accessing Forex in the past.

So why is he attacking me?

Bazztadewu:
DHL still held my iPhone 15 since January,asking me to pay 500k as custom duty... ...................

It’s not DHL, it’s your custom and exchange rate. You’re paying %40 import duty and your Naira is shitiiiit.

Why make it a DHL problem? Are they the ones who fixed import duty? You were supposed to devalue the phone as refurbished before importing to beat down the price of custom fees.

Whats the way forward can it be negotiated to 100k.i cant pay 500k,shey na customs wan sell the phone gimme

SeunDAssLicker:
It’s not DHL, it’s your custom and exchange rate. You’re paying %40 import duty and your Naira is shitiiiit.

Why make it a DHL problem? Are they the ones who fixed import duty? You were supposed to devalue the phone as refurbished before importing to beat down the price of custom fees.

okoolori:
Shut up joor... Cho Cho Cho...
What do you know about this circular now or na just to come and comment ni kawai... Efufulefu...

I can see you have a dead brain.
I don't need to ask you what implementation the government has introduced or done in past years that's beneficial to the citizens. You won't know because you have a dead brain

Paraman:
Look at the shameless comment you wrote

You don't even know why the mechanism was put in place before. I won't be shock you're an obidient

Your last comment will make one think Bateria fans are sound in knowledge, knowing fully well that the the true picture of the country has been really really abysmal and nothing to write home about in the past one year and all this coming from a policy that comes from the think tank of BAT, when did criticism becomes an offence that it must be assigned to the supporters of someone who did not even win an election ?

It's just plain hard for you to pass a comment or respond to a comment without referencing PO, are you sure you are ok?

Maybe you suffer memory loss , tinubu , Buhari and everyone rode on the horses of criticism to defeat Jonathan in 2015 , mistakes 80 percent of Nigerians are still regretting till this second

femarse:
Your last comment will make one think Bateria fans are sound in knowledge, knowing fully well that the the true picture of the country has been really really abysmal and nothing to write home about in the past one year and all this coming from a policy that comes from the think tank of BAT, when did criticism becomes an offence that it must be assigned to the supporters of someone who did not even win an election ?

It's just plain hard for you to pass a comment or respond to a comment without referencing PO, are you sure you are ok?

Maybe you suffer memory loss , tinubu , Buhari and everyone rode on the horses of criticism to defeat Jonathan in 2015 , mistakes 80 percent of Nigerians are still regretting till this second

You don't know anything about what you're criticizing. Let people who knows what they are talking about criticize the government.

On this issue, there's absolutely nothing to criticize the government about. No sane person will criticize the government for this move, except ignorant people who don't know what they are talking about

Lithiumite:
You are wrong sir....it's to verify the authentic prices of the goods you intend to import from the country of origine so as to detect over or under invoicing....fake form M requests.

Verificatiuon of actual value of imports to determine its lexies and duty to be paid to government stopped . Now whatever values you declared is what you pay on ...stand to be corrected .

Paraman:
You don't know anything about what you're criticizing. Let people who knows what they are talking about criticize the government.

On this issue, there's absolutely nothing to criticize the government about. No sane person will criticize the government for this move, except ignorant people who don't know what they are talking about

Your reasoning system is the major reason this country is like this

It's very faulty and trashy,

the constitution and at large the world in general grant everybody a right to their opinion,

Just because you supported this failed administration does not mean you should now start attacking everyone that criticism them from thread to thread , whether the criticism is constructive or not is not your dam problem , stop attacking everyone that criticize the government, it's not your dam job to respond on behalf of the govt , the govt is already showing everyone too much shege , enough for one critics not to be constructive

Comment , explain your silly point but don't attack people for criticizing their government, it's their government not your father personal government, if their government is providing service that is not ok for them , they have a right to voice out their pain

You are too myopic from thread to thread looking for anyone that blame the govt and be calling them obedient..... because? The FG is your father personal property or what?

MrDoGood:
I can see you have a dead brain.
I don't need to ask you what implementation the government has introduced or done in past years that's beneficial to the citizens. You won't know because you have a dead brain

Despicable patriots... Na so we dey take know dem. They ain't different and they won't be even if jesus comes back today, they won't still change... If you check now na son of a gate man... Musa dem dem kinda people

femarse:
Your reasoning system is the major reason this country is like this

It's very faulty and trashy,

the constitution and at large the world in general grant everybody a right to their opinion,

Just because you supported this failed administration does not mean you should now start attacking everyone that criticism them from thread to thread , whether the criticism is constructive or not is not your dam problem , stop attacking everyone that criticize the government, it's not your dam job to respond on behalf of the govt , the govt is already showing everyone too much shege , enough for one critics not to be constructive

Comment , explain your silly point but don't attack people for criticizing their government, it's their government not your father personal government, if their government is providing service that is not ok for them , they have a right to voice out their pain

You are too myopic from thread to thread looking for anyone that blame the govt and be calling them obedient..... because? The FG is your father personal property or what?

It's your right to criticize the government, but you want to do so, make sure you have an idea of what you're talking about

Look at your ignorant comment below

osazsky:
Prices of import will go up since the importers know dat CBN won't varyfy prices wat ever price they put on imported goods will be given approval provided they pay bribe simple

You have no knowledge about why the PVS was created and what it's used for

What you're wailing about has no correlation with the issue at hand... This has nothing to do with price of import shooting up, even if it will affect price, it will make it fall

CountinBlessins:
So in lay man's terms it means ?

The unnecessary delay to Importations is removed,so that goods will flood the Nigerian Market.
Afterall,the real Prices of Goods are Not fixed by the CBN,since CBN don't Produce these goods,but they( CBN) can be monitoring the prices,as a barometer.
We need Price Control Boards - to monitor and compare Prices,so that greedy Producers will not continuously Cheat Consumers on regular basis.
But we are too Corrupt, even the Price Control Boards Members do divert Goods meant for Public to their Private / Family affairs.

okoolori:
Despicable patriots... Na so we dey take know dem. They ain't different and they won't be even if jesus comes back today, they won't still change... If you check now na son of a gate man... Musa dem dem kinda people

You're not smart, so no need wasting my time with you

chukwuoke:
You are good on that