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Nairaland Forum / Nairaland / General / Politics / Buhari Bans Importation Of Rice, Cement (8600 Views)
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Buhari Bans Importation Of Rice, Cement by atiakatata: 4:22pm On Jun 24, 2015 |
Re: Buhari Bans Importation Of Rice, Cement by worksmart(m): 4:24pm On Jun 24, 2015 |
Ignore fake news. Buhari can not start making policy before he had appointed his cabinet ministers. 3 Likes |
Re: Buhari Bans Importation Of Rice, Cement by Ikengawo: 4:25pm On Jun 24, 2015 |
what he believes are northern products. he also lifted the ban on furniture and textiles, what he believes are eastern products. Regardless easterners will get rich/take over from both decisions, but the oil economy is too fragile for shut illiterate policies. 1 Like |
Re: Buhari Bans Importation Of Rice, Cement by phemmyutd(m): 4:26pm On Jun 24, 2015 |
Stop believing stupid rumor b4 u become one 2 Likes |
Re: Buhari Bans Importation Of Rice, Cement by Mogidi: 4:28pm On Jun 24, 2015 |
Bans importation of rice and cement but approves importation of furniture and textiles, Buhari is sick. 2 Likes |
Re: Buhari Bans Importation Of Rice, Cement by Emekamex(m): 4:30pm On Jun 24, 2015 |
I doubt this, Buhari can't make this decision without senate approval. 1 Like |
Re: Buhari Bans Importation Of Rice, Cement by atlwireles: 4:32pm On Jun 24, 2015 |
You are only sending them to the black market. More business for Mallams. End result is the increasing spread between the official and black market rates , making round tripping by banks a more lucrative business. You end up putting more pressure on the Naira This is the change some were chanting. Yesterday was the lifting of textile and furniture ban. Nigeria has entered one chance. Waiting for the reversal of the automobile policy. 1 Like |
Re: Buhari Bans Importation Of Rice, Cement by owobokiri(m): 4:33pm On Jun 24, 2015 |
Is this guy a sole administrator or what? Appoint your cabinet and get expert advice from serious minds, he won't. He keeps detering. Now he goes to bed and wakes up banning this , this and this will unbanning that, that and that. . Only in Naijeiriya. . Where are the expert details behind these policy outbursts!? We are in for a long ride. |
Re: Buhari Bans Importation Of Rice, Cement by okosodo: 4:35pm On Jun 24, 2015 |
If it is true, then forget about Nigeria 2 Likes |
Re: Buhari Bans Importation Of Rice, Cement by owobokiri(m): 4:36pm On Jun 24, 2015 |
atlwireles: It is a disaster! This man is still stuck in the West Germany-East Germany days. . |
Re: Buhari Bans Importation Of Rice, Cement by seunmsg(m): 4:36pm On Jun 24, 2015 |
Ikengawo: Don't you think it's better to read the main article before posting trash on the thread? Beside, is rice no longer produced in Ebonyi state? Or, Abakaliki rice is now a northern product. @OP, post the full article so that Tanoids will understand that it was the CBN that banned importers of some commodities from forex market. 2 Likes |
Re: Buhari Bans Importation Of Rice, Cement by atlwireles: 4:39pm On Jun 24, 2015 |
owobokiri: Very sad, we are slowing watching a 1980s policy template. Nigeria tightens controls on foreign exchange The Nigerian central bank has imposed new foreign exchange controls to try to stem the flow of dollars out of the country. It means importers will not be able to get hard currency to buy a list of 40 items ranging from rice to cement. The list includes Indian incense, plastic and rubber products, soap and even private jets. It has also restricted access to the interbank currency market for the purchase of foreign currency bonds. In April, the central bank limited the amount that Nigerians could spend on credit cards abroad. The Nigerian currency, the naira, has plunged because of the fall in the oil price. The central bank has spent $3.4bn propping it up since it fixed the exchange rate in February and tightened trading rules to curb speculation. Black market "We see this policy move as confirmation that foreign exchange supply remains extremely tight. But more worryingly, it suggests that the central bank remains reluctant to devalue the naira," said Yvonne Mhango, sub-Saharan Africa economist at Renaissance Capital. The central bank has said in the past that devaluing the naira by allowing it to float freely on the currency markets is not an option. The naira, which was trading at 198.50 to the dollar on the interbank market, was reported to be trading close to 220 on the black market in the commercial capital, Lagos, on Wednesday. Analysts said the latest measures meant importers would increasingly turn to the black market to buy dollars. Cobus de Hart of South Africa's NKC Africa Economics said: "The decision to, in effect, introduce additional capital controls does not bode well in relation to investor perception and may also adversely affect domestic business operations and costs." http://www.bbc.com/news/business 2 Likes |
Re: Buhari Bans Importation Of Rice, Cement by ShineuEye: 4:41pm On Jun 24, 2015 |
This is a stupid decision. |
Re: Buhari Bans Importation Of Rice, Cement by fr3do(m): 5:20pm On Jun 24, 2015 |
This man is brainlessly rash in making decisions. |
Re: Buhari Bans Importation Of Rice, Cement by Dollyak(f): 5:23pm On Jun 24, 2015 |
This is a ban on the sourcing of foreign exchange from the banks. Misleading headline. 1 Like |
Re: Buhari Bans Importation Of Rice, Cement by Nobody: 5:35pm On Jun 24, 2015 |
some ppl are funny...why will people jump into an unconfirmed trash and start commenting like they are wiser. We have a bunch of disfuntional citizens here on Nairaland. 3 Likes |
Re: Buhari Bans Importation Of Rice, Cement by jaysniggs: 6:05pm On Jun 24, 2015 |
People are so impatient, they dwell on lies and deceit. This is the true story for those that care to be enlightened........ By Babajide Komolafe "The Central Bank of Nigeria (CBN) has banned importers of rice, cement and 38 other products from purchasing dollars from the foreign exchange market. Details later" The op 2 Likes |
Re: Buhari Bans Importation Of Rice, Cement by AlPeter: 6:20pm On Jun 24, 2015 |
read niggas read 1 Like |
Re: Buhari Bans Importation Of Rice, Cement by anulaxad(m): 6:21pm On Jun 24, 2015 |
worksmart: It is not fake. Stop your pessimism it was also on BBC news. http://www.bbc.co.uk/news/business-33258942 It's actually an amazing Idea. Once you read the BBC article you will see what I am talking about. It's what he done back in 1980's to minimize the amount of dollars leaving the country. This will not only immediately reduce the rate of inflation but it will dramatically increase local produce and development and it will close any illegal 'sink holes' where money is being transported. |
Re: Buhari Bans Importation Of Rice, Cement by axiliborha(f): 6:27pm On Jun 24, 2015 |
How true is this |
Re: Buhari Bans Importation Of Rice, Cement by sammyj: 6:29pm On Jun 24, 2015 |
Great development! ! |
Re: Buhari Bans Importation Of Rice, Cement by egift(m): 6:32pm On Jun 24, 2015 |
Ikengawo: fr3do: ShineuEye: owobokiri: Emekamex: owobokiri: Mogidi: ^^^^^^^ See them gullible mofos who could not read a one line news and are already running mad with insults. These TANoids are desperate clowns. 4 Likes |
Re: Buhari Bans Importation Of Rice, Cement by ERODEDEAST(f): 6:32pm On Jun 24, 2015 |
Dangote in hot Daura kunu |
Re: Buhari Bans Importation Of Rice, Cement by pat077: 6:33pm On Jun 24, 2015 |
Can someone remind our president that this is not 1984. |
Re: Buhari Bans Importation Of Rice, Cement by egift(m): 6:35pm On Jun 24, 2015 |
anulaxad: Shut up my dear you are very ignorant. Did you read the news or you got stock at the Headline. In case you did not read it below CBN bans rice, cement importers from forex market Now tell us how Buhari BANNED them from buying and selling their goods? 3 Likes |
Re: Buhari Bans Importation Of Rice, Cement by egift(m): 6:37pm On Jun 24, 2015 |
pat077: Guy read the article itself and stop swallowing only Deceptive Headlines. It is shameful watching you showcase your ignorance. 2 Likes |
Re: Buhari Bans Importation Of Rice, Cement by worksmart(m): 6:39pm On Jun 24, 2015 |
So you do not know bbc is part of the conspiracy to deceive Nigerians? anulaxad: |
Re: Buhari Bans Importation Of Rice, Cement by Stolen: 6:42pm On Jun 24, 2015 |
This is why Nigeria can never progress, we are now held captive by Dangote and Northern President My question to Nigerians is this. Is Dangote not rich enough? Dangote invests N165bn in rice farming in 5 states |
Re: Buhari Bans Importation Of Rice, Cement by Stolen: 6:44pm On Jun 24, 2015 |
@ seunmsg It is not everybody culture in Nigeria to remain poor whilst we continue to enrich one man. Mbanu! It will not work. |
Re: Buhari Bans Importation Of Rice, Cement by seunmsg(m): 6:49pm On Jun 24, 2015 |
Stolen: And how does this your comment relate to my post or the subject matter of the thread? 1 Like |
Re: Buhari Bans Importation Of Rice, Cement by ZACHIE: 6:52pm On Jun 24, 2015 |
This is all muddled up. Poor reading culture wouldn,t make supposed educated Ndlers to read and discern before spewing bile. All that is happening is Nigeria is following up on an international protcol called CET. This had nothing with Buhari whatsoever. Of the total items covered under CET, Nigeria can only make changes to about 3% of all the items covered by CET The other matter is source for Dollar for items that were meant to be banned because there are local alternatives available. Instead of banning, Government through CBN decided to make their FOREX sourcing more difficult. RICE has always been a great FOREX sapper, now it is under no FOREX cap. These TANNERS can only tan Vultureskins 1 Like |
Re: Buhari Bans Importation Of Rice, Cement by wheesin(m): 6:55pm On Jun 24, 2015 |
Buhari is SUCH A DIVA . ban petroleum also,water should be used to fuel our vehicles |
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