A better news than the people being searched on camera to board a plane.

yeah

I still don't understand why CNN does not want to officially devalue the naira

Really? I can't feel the impact of the local manufacturers yet

mtcheeew

HiddenShadow:
I hope Sun newspapers have not eaten Aisha's rice. If local production has increased why are people still losing their jobs.

This is obviously from a particular manufacturer, not all. And may I add, it may take time for other because a lot of things had to be put in place before they can operate.

Lies

Bad news for IPOB touts that solely rely on importing fake substandard products. Good news for the entrepreneurs/Local manufacturers in Aba and all over Nigeria.

Good deveploment. Thank baba Buhari

YoursGEJ:
I still don't understand why CNN does not want to officially devalue the naira

cnn is an american tv station now

YoursGEJ:
I still don't understand why CNN does not want to officially devalue the naira

Bros CNN job na to dey report news o .

Can someone please tell me the policy?

Last time i checked, just a week ago the restrictions on forex were lifted

WisdomFlakes:
Some people will not be happy to hear this.

Longest time. Happy New Year.

Nice one

We even import slice bread n pure water from Chad.
#ThisMustStop

hahahahahaha see washing hahaha it's only ZOMBIES that will believe this hahahaha Oya ZOMBIES FOOD don come!! make Una chop belle full!!!

Nothing is completely bad.

dearpreye:


Longest time. Happy New Year.

Yes o my brother. Same to you. I dey check in from time to time. You don chop more than enough 'likes' from me ontop your correct correct motivational materials. Keep it up bro. This year's looking like it's gonna be a blast, maybe there'll be some storms here and there but we go weather them.

Good policy from CBN

grandstar:
There are bound to. be positives about the foriegn exchange restrictions but the negatives far outstrip them.

Those who desire to export will be disappointed because they have to sell their forex earnings at the official rate.

I wanted to go into export but was discouraged by this policy.

For our industries to really grow, interest rates must come down to single digits first.

You're wrong with the bolded, importers of your product pays in foreign currency to your domiciliary account. No bank will deny you the benefits of withdrawing it.

Realdeals:

You're wrong with the bolded, importers of your product pays in foreign currency to your domiciliary account. No bank will deny you the benefits of withdrawing it.

Are you sure. I learnt that they are forced to sell at the official rate

YoursGEJ:
I still don't understand why CNN does not want to officially devalue the naira

YoursGEJ:
I still don't understand why CNN does not want to officially devalue the naira

GBAM! CBN turn CNN

YoursGEJ:
I still don't understand why CNN does not want to officially devalue the naira

He does not like devaluations.

It like a child who does not like. that 1 +1=2.

The economy is really suffering

This is great news and exactly what the country needs.This is what happens when you have a government that not only understands our reality but has solutions to our problems.The importers should encourage the foreign manufacturers they buy from to come set up plants in Nigeria rather than lobbying our government to do their bidding.

Boss13:
Absolute Nonsense. So we import polythene bags in this country - what a shame. I support the CBN stance. It discourages lazy importers and middle men, who would refused to put resources in place to create product, but to encourage the import of mundane products into the country.

Let these importers go source for dollars themselves, we, the consumers, would be left with no choice but to patronize local manufacturers in view of cheaper prices.

dem de look for dollar to import tooth pick

ednut1:
I smell lies

wailer detected ...

I hope this policy will reduce importation of consumable goods like nylon but opportunity should be created for the importation of capital goods like machinery, equipment which are use for the production of another commodity. God bless Nigeria

I was at shoprite in my State on Friday and decided to take a look around their vegetable stand. I was shocked!


There were 3 baskets of tomatoes.

Basket 1 : beefsteak tomato (produce of Nigeria) - N750 per kilo

Basket 2 : beefsteak tomato (label says 'imported') - N1030 per kilo - exactly the same as the ones in basket 1. The only difference was the label.

Basket 3 : Roma (like the ones from the north) - N750 per kilo.


Why would shoprite import a tomato that is exactly the same as the local produce they also had on display?


I walked further down the veg isle, only to see Cabbage imported all the way from Spain. Again the quality was no better than what the Northerners or indeed anyone can produce in Nigeria.

By the way, all the tomatoes in this particular Shoprite were mushy and near-rotten...and I wondered why? Where is the much vaunted Nigerian middleclass who we are repeatedly told are so awash with cash they would buy anything at whatever ridiculous price?

When I got home, I saw a small pack of tomatoes (about 1.5 kg) freshly brought from the market. I asked my wife how much she bought them for - she said N100!. That's roughly N75 per kg, yet Shoprite is using our scarce foreign currency to import a tomato that is not much better to sell for 10 times more. And no one is even buying them...so it seems as they were mostly rotten due to no takers.


It's a crazy country.

This FX ban is one of the best things to happen to Nigeria. I am sorry for the importers obviously, but this is a time we all need to make a sacrifice and think about the future of this country rather than how much Mr A or B can make from importing things we do not need.

grandstar:


Are you sure. I learnt that they are forced to sell at the official rate

Very sure bro, except if the branch you visited for the withdrawal do not have.

grandstar:
There are bound to. be positives about the foriegn exchange restrictions but the negatives far outstrip them.

Those who desire to export will be disappointed because they have to sell their forex earnings at the official rate.

I wanted to go into export but was discouraged by this policy.

For our industries to really grow, interest rates must come down to single digits first.

This will make them bold enough to borrow massively and import world beating machinery that would boost their productivity and give them an edge over imported items

This is the aspect of our economy that we always hammer on. It is the duty of the finance minister to furnish the public on what the direction will be in correlation with the monetary policy on ground.

Where is that finance minister when you need her? She needs to take notes from NOI, just for morale boosting.