Dbboy:
so you feel it is choking the market wait till our reserve are completely eroded then you would know that CBN is just doing us all a great service.

True bro.

Time shall tell

Really?

The truth of the matter is, those complaining about CBN choking our market shoud really really face the cold reality.

Oil prices have dropped drastically. As a result, Nigeria no longer has the forex that we used to have in abundance. And whatever forex we have is being used mainly to buffer the naira so that we do not reach N400 to $1.

Thanks to decades of being a resource dependent nation, it has come to this. We did not learn from the dark days of the 1980's....instead we continued with selling raw materials....and sharing the dollars....which we used to import.

Even now...our response to this matter is.....find another resource to sell for dollars.(As if other countries are not doing the same).

Nigeria, and by extension most African countries need to face facts. Our resource dependency is why we are poor and why we are so dependent on the goddess Christine to tell us how to run our economies. How can we be selling raw materials...and then using the money....to import? Even import the things we make here at home(Like Biscuits and toothpaste and even body cream!). At the end of the day....it is the same white man's economy that benefits. We don't benefit....we end up paying higher and higher.....as we run out of dollars to buffer the naira.

Buhari said the next three months are going to be hard.Me.....I say the next twenty years are going to be hard. But hardship is where we learn life's lessons.And if Nigeria does not learn from this hardship....and use the little money we have to go and industrialize...and cut our coats according to our size.....in the next ten years....the Goddess and Gods of the IMF and world bank would be occupying Aso rock...and they will be telling us how to spend our...sorry their money.

Nigeria better wake up. An economy based on imports, and on the proceeds from just one resource is not a strong economy. China has shown us the way...as has South Korea and Singapore. We better follow their example.

The Central Bank’s Gross dollar reserves fell to $29 billion on June 24, down 15 percent from the $34.49 billion it was at the beginning of 2015.

NA wao. roughly one billion dollars a month.

ammyluv2002:
Don't call him that just because he asked a question. we must not know it all

Why are you defending his stupidity ?

Nigeria’s economy may grind to a halt in coming weeks unless the Central Bank (CBN) moves to relax rules that have curbed Foreign Currency (FX) trading and liquidity in Africa’s largest economy.

must we trade our currency...why cant we just peg the currency to the dollars,euro and pounds just like the CHINESE...

Will come back to read when vision 2020 is accomplished .......

Buhari should please do something!

ideologies:
It's very unfortunate people don't understand policies and nobody is educating the masses.

The restrictions on FX is because of falling value of Naira.
The policy discourages importation/capital flight , hence enteprenuers are supposed to seek alternatives like producing these items and exporting them.
This way the value of naira will increase

Also those exporting raw materials should add value to it which will in turn add value to naira
Eg raw materials like cashew, cassava, timber solid minerals etc that we export should be added value and turned into a finished product. instead of importing these finished products

Unfortunately if your business depends heavily importation of raw materials, you may not likely see it this way. The measures you propose are all lofty ones, but they will take time. Whether we admit or not, 'oyel' will remain our main source of forex for some time to come. I do think the CBN measures, though necessary, are a tad too drastic.

3. The banks are at fault, they refuse to give loans to SME's because they want high interest. This will encourage manufacturing industries hence the value of naira would rise. They rather give the loans to big ogas most of them are into importation busineses

Youngzedd:



The banks are after their interest alone.

plendil:


Unfortunately if your business depends heavily importation of raw materials, you may not likely see it this way. The measures you propose are all lofty ones, but they will take time. Whether we admit or not, 'oyel' will remain our main source of forex for some time to come. I do think the CBN measures, though necessary, are a tad too drastic.

just like removing fuel subsidies will be too drastic hehehe

Flets:
Buhari's government have started on a very wrong note. They are getting it wrong on all sides.... maybe we should have insisted in sighting that WAEC certificate.

So many disjointed policies..... You lift the ban on furniture and textile thereby discouraging the local industry and two days after the ban rice, margarine cement importers from obtaining FX from banks under the guise of encouraging local industry.

Why take such step at a time you naira is struggling knowing fully well that these guys would dive into the parallel market causing some scarcity and driving up parallel prices?.... why not increase the import duties on these products instead to discourage import and encourage local product? why stifle an already struggling FX environment.

Absolutely silly decisions by Buhari and his co-travellers

Stop displaying your appalling ignorance. How does this concern Buhari? FYI, CBN like all central banks are fully autonomous entities and do not take instruction form the ruling government. In fact some of their decisions may occasionally directly oppose govt policies. For instance if FG injects excess cash into the economy, CBN may decide increase the interst rates to mop it up.

dis govt na wa o

ideologies:
It's very unfortunate people don't understand policies and nobody is educating the masses.

The restrictions on FX is because of falling value of Naira.

1. The policy discourages importation/capital flight , hence enteprenuers are supposed to seek alternatives like producing these items and exporting them.
This way the value of naira will increase

2. Also those exporting raw materials should add value to it which will in turn add value to naira
Eg raw materials like cashew, cassAva, timber solid minerals etc that we export should be added value and turned into a finished product. instead of importing these finished products.

3. The banks are at fault, they refuse to give loans to SME's because they want high interest. This will encourage manufacturing industries hence the value of naira would rise. They rather give the loans to big ogas most of them are into importation busineses(capital flight) hence the value of naira will keep falling.


As long as we keep importing, the value of naira will continue to drop.
Thank God they are planning to place bans on more items

But the restriction is half-hearted. You won't sell to them officially, but you push them to the parallel market, thereby fuelling speculators and giving the Naira a big hit.
It would have been understandable if importation of those items were banned outrightly

cecegorz:


But the restriction is half-hearted. You won't sell to them officially, but you push them to the parallel market, thereby fuelling speculators and giving the Naira a big hit.
It would have been understandable if importation of those items were banned outrightly

Is it not clear that the President wants to help his brothers in Kwori textile market?

plendil:


Stop displaying your appalling ignorance. How does this concern Buhari? FYI, CBN like all central banks are fully autonomous entities and do not take instruction form the ruling government. In fact some of their decisions may occasionally directly oppose govt policies. For instance if FG injects excess cash into the economy, CBN may decide increase the interst rates to mop it up.

In saner climes, central banks are independent but its absolute stupidity to assume that the CBN president is independent of Nigerian President.

If in doubt ask SLS. Every key policy is tacitly endorsed by the CinC in Nigeria.

So shut up

ideologies:
3. The banks are at fault, they refuse to give loans to SME's because they want high interest. This will encourage manufacturing industries hence the value of naira would rise. They rather give the loans to big ogas most of them are into importation busineses

GBAM!

bidex:
abeg, i need weed!

make sure it is frm ukwale

Thread For Exchange Rate For B Pound-naira Daily

ideologies:
It's very unfortunate people don't understand policies and nobody is educating the masses.

The restrictions on FX is because of falling value of Naira.

1. The policy discourages importation/capital flight , hence enteprenuers are supposed to seek alternatives like producing these items and exporting them.
This way the value of naira will increase

2. Also those exporting raw materials should add value to it which will in turn add value to naira
Eg raw materials like cashew, cassAva, timber solid minerals etc that we export should be added value and turned into a finished product. instead of importing these finished products.

3. The banks are at fault, they refuse to give loans to SME's because they want high interest. This will encourage manufacturing industries hence the value of naira would rise. They rather give the loans to big ogas most of them are into importation busineses(capital flight) hence the value of naira will keep falling.


As long as we keep importing, the value of naira will continue to drop.
Thank God they are planning to place bans on more items

Infact, you really nailed it. Most people would just be ranting and shouting. The ban on some products is the best thing so far. Of which, these products can be manufactured here, so why do we need to be importing them. The banks are only after their very own interest. As you've said, they only give loans to people that their business will always weaken the naira. People should just be optimistic rather than ranting negatives.

Bluetooth2:

Ode

mumu

Adesiji77:

Like seriously?
Anyway, Central Bank of Nigeria...

wow thanks a bunch...


#noted

true

Exchange Rate for Dollar-Naira, Friday 26th June 2015

http://www.nairausd.com/2015/06/exchange-rate-for-dollar-naira-friday_26.html

Follow me on twitter for everyday rate @nairausd

bushdoc9919:
Really?

The truth of the matter is, those complaining about CBN choking our market shoud really really face the cold reality.

Oil prices have dropped drastically. As a result, Nigeria no longer has the forex that we used to have in abundance. And whatever forex we have is being used mainly to buffer the naira so that we do not reach N400 to $1.

Thanks to decades of being a resource dependent nation, it has come to this. We did not learn from the dark days of the 1980's....instead we continued with selling raw materials....and sharing the dollars....which we used to import.

Even now...our response to this matter is.....find another resource to sell for dollars.(As if other countries are not doing the same).

Nigeria, and by extension most African countries need to face facts. Our resource dependency is why we are poor and why we are so dependent on the goddess Christine to tell us how to run our economies. How can we be selling raw materials...and then using the money....to import? Even import the things we make here at home(Like Biscuits and toothpaste and even body cream!). At the end of the day....it is the same white man's economy that benefits. We don't benefit....we end up paying higher and higher.....as we run out of dollars to buffer the naira.

Buhari said the next three months are going to be hard.Me.....I say the next twenty years are going to be hard. But hardship is where we learn life's lessons.And if Nigeria does not learn from this hardship....and use the little money we have to go and industrialize...and cut our coats according to our size.....in the next ten years....the Goddess and Gods of the IMF and world bank would be occupying Aso rock...and they will be telling us how to spend our...sorry their money.

Nigeria better wake up. An economy based on imports, and on the proceeds from just one resource is not a strong economy. China has shown us the way...as has South Korea and Singapore. We better follow their example.

May God bless you. Most people won't take time to see the pros and crons of the current situation, they just shout and shout. They want magic to happen.

tobtap:
must we trade our currency...why cant we just peg the currency to the dollars,euro and pounds just like the CHINESE...

not by magic, you must have something to offer.

List the things Chinese import.

The policy is as a result of the falling value of the naira but truth remains that the importers will source funds from the black market.

Flets:


In saner climes, central banks are independent but its absolute stupidity to assume that the CBN president is independent of Nigerian President.

If in doubt ask SLS. Every key policy is tacitly endorsed by the CinC in Nigeria.

So shut up

what do you know about this policy??
or are you say CBN Governor is a fool, just like you guys have been abusing Ngozi Iwela.

Guy this is not political science

BizBayo:


Infact, you really nailed it. Most people would just be ranting and shouting. The ban on some products is the best thing so far. Of which, these products can be manufactured here, so why do we need to be importing them. The banks are only after their very own interest. As you've said, they only give loans to people that their business will always weaken the naira. People should just be optimistic rather than ranting negatives.

imagine Nigeria still importing rice from Thailand, when we have more than enough arable land.

cecegorz:


But the restriction is half-hearted. You won't sell to them officially, but you push them to the parallel market, thereby fuelling speculators and giving the Naira a big hit.
It would have been understandable if importation of those items were banned outrightly

Your first statement is wrong, did you remember that CBN recently registered Bureau the Change agents. With that they will monitor and control their activities.

Stupid APC instead of blaming falling oil price they accused GEJ now who do we blame?

ideologies:
It's very unfortunate people don't understand policies and nobody is educating the masses.

The restrictions on FX is because of falling value of Naira.

1. The policy discourages importation/capital flight , hence enteprenuers are supposed to seek alternatives like producing these items and exporting them.
This way the value of naira will increase

2. Also those exporting raw materials should add value to it which will in turn add value to naira
Eg raw materials like cashew, cassAva, timber solid minerals etc that we export should be added value and turned into a finished product. instead of importing these finished products.

3. The banks are at fault, they refuse to give loans to SME's because they want high interest. This will encourage manufacturing industries hence the value of naira would rise. They rather give the loans to big ogas most of them are into importation busineses(capital flight) hence the value of naira will keep falling.

4. Nigeria have depended for so long on Fx from crude oil, and not reinvesting in other sectors. Time to diversify. #Solid minerals and Agriculture is the future

As long as we keep importing, the value of naira will continue to drop.
Thank God they are planning to place bans on more items

Bros I support your talk but not on 1&2. The country at the moment is not anytin to write home about as regards entrepreneurs. Simple basic amenities no dey and we talk of getting products into "finished state" or "entrepreneurs seeking alternative". From where

cecegorz:


But the restriction is half-hearted. You won't sell to them officially, but you push them to the parallel market, thereby fuelling speculators and giving the Naira a big hit.
It would have been understandable if importation of those items were banned outrightly

The CBN can't do that. That is up to the government. The CBN as custodian of the naira is doing what it can, ensuring that the naira goes only to where it is needed.