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Nairaland Forum / Nairaland / General / Investment / CBN Bans Rice, Cement Importers, Others From Forex Market (18611 Views)
You Too Can Profit Consistently From FOREX Trading / CBN Warns Nigerians Against “MMM”, Calls It Wonder Bank (2) (3) (4)
CBN Bans Rice, Cement Importers, Others From Forex Market by pipz(m): 9:32am On Jun 24, 2015 |
In order to beef up the fast depleting external reserves, the Central Bank of Nigeria on Tuesday stopped the sales of foreign exchange to importers of rice, private jets, textiles, tomato paste, poultry products and 35 other times. http://www.punchng.com/news/cbn-stops-forex-sales-to-rice-private-jet-importers/ 4 Likes 2 Shares |
Re: CBN Bans Rice, Cement Importers, Others From Forex Market by Nobody: 1:34pm On Jun 24, 2015 |
This is a very poor policy. Those affected will resort to the black market to get the dollar they need and that will put pressure on the naira. I see the Naira trading at 250 to the dollar by December The price of uncle ben's rice will increase and the prices of the other affected items and thar may fuel inflation Unless there is an alternative for those things, Nigerians are in for a bad season 3 Likes 1 Share |
Re: CBN Bans Rice, Cement Importers, Others From Forex Market by pipz(m): 3:31pm On Jun 24, 2015 |
NairaQuest: Na only Uncle Ben's rice ? Rice in Nigeria is 95% imported so your normal cost for Dangote rice will surely increase. Building materials will increase as well. They say this is to encourage local production of these products. Local production with No power. No light, No NEPA. I'm scared for this country. 15 Likes 1 Share |
Re: CBN Bans Rice, Cement Importers, Others From Forex Market by bodeloja: 8:06pm On Jun 24, 2015 |
This is rubbish now, na Dagote we go stay they enrich? Dangote invests N165bn in rice farming in 5 states 1 Like |
Re: CBN Bans Rice, Cement Importers, Others From Forex Market by mencade4: 8:06pm On Jun 24, 2015 |
local rice don do me. better and sweeter than foreign rice. ladies this is your man guys here is your paddy an astute leader, a man with vision to lead us nairalanders into the promise land. vote iamkingzlee tomorrow check my signature 2 Likes 1 Share |
Re: CBN Bans Rice, Cement Importers, Others From Forex Market by ajalaolanr(m): 8:06pm On Jun 24, 2015 |
CBN just made dangote richer by the dozen! 3 Likes |
Re: CBN Bans Rice, Cement Importers, Others From Forex Market by Stolen: 8:07pm On Jun 24, 2015 |
Dangote claim heaven and earth but stifles competition and impoverish the masses. Rice is the food of the common man and cement a basic necessity for everybody to put a roof over their head. Banning Rice and Cement will leave the masses vunerable to profit maximisation of an Oligopoly like Dangote. Wen Rice and Cement become too expensive they will complain but they are here allowing sentiment to becloud their judgement. The market demand and supply is suppose to dictate price not Dangote becos he needs an extra 100 billion to be the richest man in the world. This is unacceptable. 14 Likes 1 Share |
Re: CBN Bans Rice, Cement Importers, Others From Forex Market by atlwireles: 8:07pm On Jun 24, 2015 |
aniomi please come post your change chanting GIF. Let's make no mistake about it, Nigeria is in for real turbulent times. The Duara Dullard has returned to his 1980s playbook. It failed in 1983-1985, it will fail again. We live in a world of free flowing capital, he is building checkpoints for capital. Only the Daura President and his almajiri supporters see any good in his madness. 6 Likes 1 Share |
Re: CBN Bans Rice, Cement Importers, Others From Forex Market by nastyesco(m): 8:08pm On Jun 24, 2015 |
OMG |
Re: CBN Bans Rice, Cement Importers, Others From Forex Market by Ajiswaggs(m): 8:08pm On Jun 24, 2015 |
D |
Re: CBN Bans Rice, Cement Importers, Others From Forex Market by tiamiyukunle69(m): 8:08pm On Jun 24, 2015 |
Will it help? We are on a looooooonnnnnngggggggg thing o |
Re: CBN Bans Rice, Cement Importers, Others From Forex Market by Nobody: 8:08pm On Jun 24, 2015 |
Oil price is falling....falling.... In other words....we are not earning enough money from oil....so no forex. I hope Buhari is seeing this....because he better start developing polices to get Nigeria off oil and into industrial development. Oil is a curse. |
Re: CBN Bans Rice, Cement Importers, Others From Forex Market by Nobody: 8:08pm On Jun 24, 2015 |
Toothpick This country sha. 3 Likes |
Re: CBN Bans Rice, Cement Importers, Others From Forex Market by jidestar: 8:08pm On Jun 24, 2015 |
This is why Nigeria can never progress, we are now held captive by Dangote and Northern President. If a return to the old ways and principles that got us where we are today is wat APC means by change, then am sorry for Nigeria. My question to Nigerians is this. Is Dangote not rich enough? 3 Likes |
Re: CBN Bans Rice, Cement Importers, Others From Forex Market by Truckpusher(m): 8:09pm On Jun 24, 2015 |
Another blunder .smh |
Re: CBN Bans Rice, Cement Importers, Others From Forex Market by jamex93(m): 8:09pm On Jun 24, 2015 |
una dey impose dis kind policy for where black market dey open 24/7 i smell millions going into the black market |
Re: CBN Bans Rice, Cement Importers, Others From Forex Market by akpanikpe(m): 8:09pm On Jun 24, 2015 |
Dangote rice na rice? Well that one na der problem, as for me and family I still dey carry one or two bags from seme border to my house. Better thailand and brazill special rice at the rate of 8k. Per bag 1 Like |
Re: CBN Bans Rice, Cement Importers, Others From Forex Market by engrfemi(m): 8:09pm On Jun 24, 2015 |
Ok Ok |
Re: CBN Bans Rice, Cement Importers, Others From Forex Market by TheRealAdonye(m): 8:10pm On Jun 24, 2015 |
I've always said we need more locally made Incense. good one, CBN. Oh, I didn't? Well, I am now. Cc Ednut1 1 Like |
Re: CBN Bans Rice, Cement Importers, Others From Forex Market by ocee31(m): 8:10pm On Jun 24, 2015 |
So Nigeria imports PLYWOOD BOARDS ... |
Re: CBN Bans Rice, Cement Importers, Others From Forex Market by Nobody: 8:11pm On Jun 24, 2015 |
Stolen: My friend...stop blaming Dangote! And why should Nigeria be an import driven nation? If you want to blame someone.... 1)Blame Saudi Arabia.....who caused the oil price to drop because they just had to up production to force the American shale oil producers out of business. 2.Blame your past govts....who kept our economy so oil dependent....that we do not have a decent industrial sector (Dangote is at least trying to stop the downfall of our industries.). And we do not have enough FOREX in this country anymore because we are not making money from oil at all! Instead of complaining about Dangote....telll your state governors and Abuja to put in place polices that will create more Dangotes. So that we can export industrial products, earn gallons of forex, and create a ton of jobs for all. Infact....we Nigerians should be ashamed of ourselves. Why should we be importing rice and cement? Why? Now is Nigeria's chance....industrial greatness....or nothing! 27 Likes 1 Share |
Re: CBN Bans Rice, Cement Importers, Others From Forex Market by JaYbeS(m): 8:13pm On Jun 24, 2015 |
Good move only if this would actually work.... there are some people that are above the law in this nigeria 1 Like |
Re: CBN Bans Rice, Cement Importers, Others From Forex Market by Atlantian: 8:16pm On Jun 24, 2015 |
I really do not understand. Why would this man keep mute about getting Ministers and just sit alone in Aso Rock approving so many policies that are silly. We all know that its better to ban importation than allow importers to source for currency via black market, but in this case, the banks will inflate the forex rate against the dollars to make profit and this will lead to lost of value of the Naira. I am not saying that selling forex to businesses will not affect the pricing of these legal tenders but the point is, if there is heightened marginal fluctuation difference in the forex market, the salient thing to do is ban certain imports like cements and may be rice for 6 months and see the effects instead of pushing importers to the mercy of the capitalists bankers. This Daura President needs more than the knowledge of cattle rearing and goat herding. 1 Like 1 Share |
Re: CBN Bans Rice, Cement Importers, Others From Forex Market by chronique(m): 8:16pm On Jun 24, 2015 |
*sighs* |
Re: CBN Bans Rice, Cement Importers, Others From Forex Market by bodeloja: 8:17pm On Jun 24, 2015 |
This is just rubbish, every year dangote adds billions of Nigerians money to global financial institution and global banks, the money is not circulating. This country need its producers to be efficient and competitive to help lower price, we dont want to encourage price fixing by the likes of Dangote in absence of competitors for cement or rice. 4 Likes
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Re: CBN Bans Rice, Cement Importers, Others From Forex Market by seunfape(m): 8:18pm On Jun 24, 2015 |
very nice.we will stop depending on ppl's product. |
Re: CBN Bans Rice, Cement Importers, Others From Forex Market by frodobee: 8:18pm On Jun 24, 2015 |
Clueless illiterate president foisted on Nigerians Collect ur chanji |
Re: CBN Bans Rice, Cement Importers, Others From Forex Market by Pavore9: 8:20pm On Jun 24, 2015 |
Good. |
Re: CBN Bans Rice, Cement Importers, Others From Forex Market by oluwafemi113(m): 8:22pm On Jun 24, 2015 |
Good step |
Re: CBN Bans Rice, Cement Importers, Others From Forex Market by Karleb(m): 8:23pm On Jun 24, 2015 |
Nice move! I expect those in the agricultural sector to take merit of this opportunity. 7 Likes |
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