Chinazaekperem5:


If the CBN devalues the Naira, then it also presents opportunities for local producers to export their goods as their goods will become cheaper at the international market.

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

Jorussia:
The CBN Forex policy will definitely promote the fortunes of local manufacturers, but the fortunes of importers have nosedived this past few months that CBN started the policy. In my own opinion, i think the CBN should relax the policy in order to accommodate the importers,since we still import most of commodities that we consume as a nation.

DeLaRue:
Please can I add that, this period is a preiod of profound opportunity for Nigerians. You dont even need to be brilliant at identifying opportunites. The opportunities are right there in your face right now if you care to open your eyes.


If you are looking for ideas for small scale investment, please go to shoprite if you have a free 30 minutes on your hands this week. Just spend that time walking around, look at prices of imported commodities which can be easily (well, if you are determined) produced to at least 95% percent of the quality of imported varieties.

The truth is, it is only a matter of months before shop rite start feeling the pinch and dropping several of these imported products and turn to local producers. And its not just Shop rite. Many medium to large companies are in the same situation.

The opportunites right now are massive.


Whether you like Buhari or not, please leave that aside for now. See how you can take advantage of this FX policy.

DeLaRue:
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.

mekaboy:


Have their products met local standards talk more of international?

DeLaRue:
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.

bashdawodu:
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.

DeLaRue:
Please can I add that, this period is a preiod of profound opportunity for Nigerians. You dont even need to be brilliant at identifying opportunites. The opportunities are right there in your face right now if you care to open your eyes.


If you are looking for ideas for small scale investment, please go to shoprite if you have a free 30 minutes on your hands this week. Just spend that time walking around, look at prices of imported commodities which can be easily (well, if you are determined) produced to at least 95% percent of the quality of imported varieties.

The truth is, it is only a matter of months before shop rite start feeling the pinch and dropping several of these imported products and turn to local producers. And its not just Shop rite. Many medium to large companies are in the same situation.

The opportunites right now are massive.


Whether you like Buhari or not, please leave that aside for now. See how you can take advantage of this FX policy.

porka:
Which policy again?

Is it the same one that is being reversed?

How will they cope when the naira is finally devalued by the CBN?

Chinazaekperem5:


This policy is aimed at correcting that behavior.

We cannot be importing most of the commodities we consume. It is unsustainable.

Those importers should start producing those commodities they import.

How can you be importing toothpick, plastic bags etc?

I support the government on this

Chinazaekperem5:


Exactly what I have been saying.

I can bet my life that a lot of people are ready to take advantage of this policy direction.

However, I have to criticize the Buhari government for the lack of explaining the policy in open terms

It is still a bit hazy.

They have to explain this to the business community and assure them that it is long term strategy and not something they will discard in a few months time.

If they do this, I can assure you that a lot of people complaining will start aligning themselves accordingly

There is an information gap right now

ednut1:
I smell lies

Jorussia:
The CBN Forex policy will definitely promote the fortunes of local manufacturers, but the fortunes of importers have nosedived this past few months that CBN started the policy. In my own opinion, i think the CBN should relax the policy in order to accommodate the importers,since we still import most of commodities that we consume as a nation.

ednut1:
I smell lies

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.

I think govt should pass petrol subsidy to industrial equipments and machines. Giving forex to importers of these classes of goods like 150 to a dollar won't be a bad idea in order to stimulate productions.
I can't ever support fraudulent importations of water and what gave you, we need jobs in this coubtry

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

aloeman15:
My people really do suffer for lack of knowledge.

Who remembers the ban of our agric products from entering the eu- starting this year, till further notice?

There's no time to explain the intricacies of international commerce.
Basically, our cost of producing ANYTHING is too high. Do a bit of checking to see why.

And don't bother with any attempt at standardization, you'll just run yourself into the ground.

Has anyone in govt given a timeline for when Buhari is meeting the business owners and when they can start getting dollars for their machinery?
March? April? June? Or in the fullness...?

The future is grim because the cbn policies are not working in tandem with ANY OTHER govt initiatives.

We'll understand just how much trouble we're in when the 2016 budget is appropriated.

There's no point telling a deaf man to listen for a car horn. All the warnings have been ignored- which is a good thing:

We all need shock therapy to bring us to a true realisation of our situation.

Una cari go.

stagger:
This January alone, our company secured a huge order ase main drivers of a result of imports being too expensive isfor the client concerned and we have had promising discussions with other clients. Emefiele...ride on!

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.

Obiagelli:
Good news for local manufacturers.

debbleopto:
. Long time. I miss you really.