Rizin:
.

Mmmm. The policy in Nigeria are not always made public. It comes as rumors until they start implementation. This is because if made public, there is be threats for strike etal.

In 2012 it was just made rumors before the fuel increase.

I believe it will may come for us to understand.
Check below.
https://tribuneonlineng.com/vin-customs-clearing-agents-truce-meeting-deadlocked/

Below is extracted from it

But our argument now remains that a 15 years old vehicle, for instance, has a N2m worth of value, cost, insurance and freight. Under the normal settings internationally, there is depreciation of vehicles on a yearly basis.

What it's means is that minimum clearance fee will be in that range.

I am yet to understand or see were it was stated that the VIN valuation system will triple the clearing fees.

From a few googling I learned that it was introduced by the customs to speedup vehicle clearing. Given the vehicle identification number, the computer will extract several informations like make, make year, region etc and use it to generate clearance fees automatically.

ositadima1:


I am yet to understand or see were it was stated that the VIN valuation system will triple the clearing fees.

From a few googling I learned that it was introduced by the customs to speedup vehicle clearing. Given the vehicle identification number, the computer will extract several informations like make, make year, region etc and use it to generate clearance fees automatically.

This is how I understand it.

Before now, no one pays full duty on cars. What we pay is compromised duty.

With the E valuation, no more compromised duty. Everyone pays the correct surface duty which is a percentage of a fixed amount of money that customs considers as the value of the car.

I think what the agents are saying is that, customs has not taken into account the depreciation of the cars before arriving at the fixed amount. E.g, If customs values a 2017 car to be $21,000 when it was produced, it should come down to say $15,000 in 2022.

PS: Why do I think all these is connected to the Dangote Peugeot vehicle manufacturing plant? Let's make it more expensive to import cars so they can buy brand new in Nigeria

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pizapato:


By now people should know holding USD is an investment. If you can put the USD into secured investment that brings returns, it is even better.
Nigeria is struggling to get Forex. Tony Elumelu recent post on Twitter shows that intense bunkering makes it impossible for Nigeria to profit from the current price of crude because lots of the crude produced is stolen.
The high price of crude also mean more subsidy needs to be paid. That's what has driven the cost of diesel and petrol up.
If the cost of crude remains above $100 throughout the year, by the end of the year, dollar could easily exchange 650

People should be holding at least 50% USD and 50% naira now

I'm on 10% naira now lol

Itsrm:


This is how I understand it.

Before now, no one pays full duty on cars. What we pay is compromised duty.

With the E valuation, no more compromised duty. Everyone pays the correct surface duty which is a percentage of a fixed amount of money that customs considers as the value of the car.

I think what the agents are saying is that, customs has not taken into account the depreciation of the cars before arriving at the fixed amount. E.g, If customs values a 2017 car to be $21,000 when it was produced, it should come down to say $15,000 in 2022.

PS: Why do I think all these is connected to the Dangote Peugeot vehicle manufacturing plant? Let's make it more expensive to import cars so they can buy brand new in Nigeria

I see, if that is the case then it is unfair. Even calculating depreciation based on manufacture date alone would be unfair. Things like milage, overall integrity of d car and price at which it was purchased etc matter.

emmanuelewumi:


I prefer FGN bonds to FGN savings bonds

Please has anybody that bought March FGNSB seen the evidence in their CSCS profile? Please how long does it take to get CSCS evidence? I bought the March 2022 FGNSB through TRW Stockbroker but not seen evidence in my CSCS yet.

Eriks:


Please has anybody that bought March FGNSB seen the evidence in their CSCS profile? Please how long does it take to get CSCS evidence? I bought the March 2022 FGNSB through TRW Stockbroker but not seen evidence in my CSCS yet.

CSCS update? Not yet. Only evidence here so far is the acknowledgement of the completed form AND payment for the March 2022 FGNSB... from my stockbroker. No cause for alarm though

Then the internet is a nightmare to Nigerians.
For eg, when there was no internet banking, banks paid there cashiers, they had more staff, and they paid higher interest rates on savings upto 5 to 10%.

Now with internet banking, you pay for sms alert, ussd code, ATM fee, ATM maintenance charges, internet rate on savings is 0%.

Before schools adopted computer, they had more staff that will collect and collate application laters, then you pay for forms and school fees after being admitted
Now with computer, there are lesser number of staff, you pay for computer, internet , processing fees, acceptance fee (as though you are not the one that applied) and other fees required above.

[quote author=ositadima1 post=111423281]

I am yet to understand or see were it was stated that the VIN valuation system will triple the clearing fees.

From a few googling I learned that it was introduced by the customs to speedup vehicle clearing. Given the vehicle identification number, the computer will extract several informations like make, make year, region etc and use it to generate clearance fees automatically.[/quo

Eriks:


Please has anybody that bought March FGNSB seen the evidence in their CSCS profile? Please how long does it take to get CSCS evidence? I bought the March 2022 FGNSB through TRW Stockbroker but not seen evidence in my CSCS yet.

Even the Sukuk bond I bought has not reflected in my CSCS account. I hope it will not stop me from receiving my interest.

keeper303:


Even the Sukuk bond I bought has not reflected in my CSCS account. I hope it will not stop me from receiving my interest.

No cause for alarm. It's gonna be alright... soon, very soon

Eriks:


Please has anybody that bought March FGNSB seen the evidence in their CSCS profile? Please how long does it take to get CSCS evidence? I bought the March 2022 FGNSB through TRW Stockbroker but not seen evidence in my CSCS yet.

Hello. Check your CSCS account now. It must have been updated with the FGNSB March info. All's well that ends well

mymadam:


Not necessarily. However, if there's an issue - family, third party, etc - BEFORE you succeed in flipping the land, you may end up losing it. Why? Lack of genuine government-approved title documents!

For this very important reason, I never buy landed property outside State or Federal Government estates. Yes, this is more expensive than buying family land but my peace of mind is almost 100% guaranteed

There are usually a lot of restrictions in these areas like the type of house to build etc and their properties don't appreciate fast

Today's NTB Auction Results.

skydiver01:
Today's NTB Auction Results.

4.45percent.

cmoney22222:
4.45percent.

Lol.

I'm so sorry for laughing.

Don't be sorry for laughing... Even though its quite laughable in some sense... Although one good outcome is it is reducing the domestic cost of borrowing for our wonderful country Nigeria.

OgogoroFreak:
Lol.

I'm so sorry for laughing.

skydiver01:
Don't be sorry for laughing... Even though its quite laughable in some sense... Although one good outcome is it is reducing the domestic cost of borrowing for our wonderful country Nigeria.

"Our"?

Yes oooo

OgogoroFreak:
"Our"?

OgogoroFreak:
Lol.

I'm so sorry for laughing.

No need to 'Lol'. The rate is fine for some people. No be everybody like stress of business.

NL1960:


No need to 'Lol'. The rate is fine for some people. No be everybody like stress of business.

The rate for the 'much-flogged' Investment One (Abacus) is 4.11% (March 31, 2022)

skydiver01:
Today's NTB Auction Results.

Rates have been more sensible... the fine line the cbn has to tow is balancing the rates such that folks still see it profitable enough to keep money in the economy while not putting too much pressure on governments revenue used to service debts..

What is more important on the other hand is the cost of foreign loans, the DMO has miscalculated on that and not done enough to push rates down

Interesting that 7 years ago, the forex allowance was 50k per year for each bank card per year.... Today, it's down to zero and still the naira has not appreciated...

This typifies the forex scarcity.... lets see how the coming years unfold

Tobex4realTobex234:


I'm on 10% naira now lol

what account are u using to keep ur dollar

pizapato:


By now people should know holding USD is an investment. If you can put the USD into secured investment that brings returns, it is even better.
Nigeria is struggling to get Forex. Tony Elumelu recent post on Twitter shows that intense bunkering makes it impossible for Nigeria to profit from the current price of crude because lots of the crude produced is stolen.
The high price of crude also mean more subsidy needs to be paid. That's what has driven the cost of diesel and petrol up.
If the cost of crude remains above $100 throughout the year, by the end of the year, dollar could easily exchange 650

People should be holding at least 50% USD and 50% naira now

Stumbled upon this...

The dollar is also a moving target. If the current usd inflation rate of 7.5% continues, 100 usd today would be worth 50usd in 10 years. (rule of 70)

Sad enough, same dollar is still gaining 10% over the naira every year. i.e, it takes 7 years for the naira to lose 50% of its value against the dollar.

If you combine both, you see how much value the naira is sadly loosing in real terms.

Like you said, the real alpha for a Nigerian comes with investing to beat the inflation rate of the dollar. That way, one will be looking at at least 18% appreciation per annum in naira value of investments.

jedisco:


Stumbled upon this...

The dollar is also a moving target. If the current usd inflation rate of 7.5% continues, 100 usd today would be worth 50usd in 10 years. (rule of 70)

Sad enough, same dollar is still gaining 10% over the naira every year. i.e, it takes 7 years for the naira to lose 50% of its value against the dollar.

If you combine both, you see how much value the naira is sadly loosing in real terms.

Like you said, the real alpha for a Nigerian comes with investing to beat the inflation rate of the dollar. That way, one will be looking at at least 18% appreciation per annum in nai value of investments.

Any Investment that combine the effects of a return of equity of 10%, earning growth of 15% will do that

emmanuelewumi:


Any Investment that combine the effects of a return of equity of 10%, earning growth of 15% will do that

Hello, long time. Please what usd investments do you recommend right now

chigo4u:

Hello, long time. Please what usd investments do you recommend right now

There is a thread for that on Nairaland

The world will soon be done with dollar hegemony. Russia/Ukraine crisis has opened the eyes of many countries. China, Saudi Arabia, Russia, India and other nations are now concluding plans on how to trade with each other using their local currencie instead of using dollars as the only means of payment. It is only a matter of time before African countries follow suit, dollar is certainly still gonna dominate but it will definately lose lots of relevance on the international market.

It is only a matter of time... The pace to reduce the strength of dollar globally has already been set.... even IMF has seen the hand writing on the wall.

jedisco:


Stumbled upon this...

The dollar is also a moving target. If the current usd inflation rate of 7.5% continues, 100 usd today would be worth 50usd in 10 years. (rule of 70)

Sad enough, same dollar is still gaining 10% over the naira every year. i.e, it takes 7 years for the naira to lose 50% of its value against the dollar.

If you combine both, you see how much value the naira is sadly loosing in real terms.

Like you said, the real alpha for a Nigerian comes with investing to beat the inflation rate of the dollar. That way, one will be looking at at least 18% appreciation per annum in naira value of investments.

Over the last 3 years, the naira has consistently lost about 20% of its value per year

Jan 2020: 1$ = #360 | Dec 2020: 1$ = #460
Jan 2021: 1$ = #470 | Dec 2021: 1$ = #560
Jan 2022: 1$ = #560 | Dec 2022: 1$ = #?

Currently dollars sells between 580-590, by the end of the year it might sell for 660 if the pattern continues.
Investing in dollar dominated asset at 5% per annum will give 25% return annually when you factor in devaluation.

Any investment in naira that is not returning minimum of 20% per annum is not worth it because of the possibility of naira losing beyond 20% of its value in that period.


Better to convert your money to dollar and hide it under your pillow