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Nairaland Forum / Nairaland / General / Business / CBN Policies Made Easy (16452 Views)
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Re: CBN Policies Made Easy by Houseofglam7(f): 9:09am On Feb 03, 2016 |
CBN 101 Nobody go pass dis course!!! |
Re: CBN Policies Made Easy by efilefun(m): 9:10am On Feb 03, 2016 |
Re: CBN Policies Made Easy by mycar: 9:13am On Feb 03, 2016 |
Absolute scrap, the bottom line is that APC has some bills to pay and the masses have to suffer. If according to them, there is no corruption going on in this administration, where is now the money? at least not to make N1 equal to $1 but for the rate to remain manageable. OP says that nothing is still been gotten from crude oil, how was the country when it was selling at $24, at least, OBJ met it at $30per barrel, him and Atiku stole to their satisfaction but economy was not this bad. Father will not feed his children, will not buy car, house or even pay school in the name that there is no money but still every morning, he goes to work and even his has nothing inside. It is either the father is not telling the children the truth or the father has another woman outside that he is spending on. And for the BDC issue, it's all about giving the dog a bad name to him it, how much are banks selling forex? What of your credit card which was supposed to be a direct access to forex through issuing banks? To buttress my point further, dollar was never N270 through 2015, so how can you say that BDC people make N74 in every dollar they buy when we all know that dollar had been at 167. . .170. . . .198. . . . .220. , . . 240 and so on and each time you go either sell or buy, marginal profit is always N2 to N5 at most. 2 Likes |
Re: CBN Policies Made Easy by Dondav(m): 9:14am On Feb 03, 2016 |
I thought Dollar was 304Naira in the streets... These BDC's are making like 100N+ on each transactions.. |
Re: CBN Policies Made Easy by Nobody: 9:15am On Feb 03, 2016 |
Sugarhugs: Baby, just leave politics for the men. Most women can't understand it, it's too complex. 1 Like |
Re: CBN Policies Made Easy by omozu1(m): 9:17am On Feb 03, 2016 |
This BDC biz is good and have been looking for the kind of biz i will invest. |
Re: CBN Policies Made Easy by Youpele52: 9:23am On Feb 03, 2016 |
Sugarhugs: Only samurai can do that |
Re: CBN Policies Made Easy by Seylad2009(m): 9:23am On Feb 03, 2016 |
Nigeria! Good People Great Nation. I believe we'll get there |
Re: CBN Policies Made Easy by AlPeter: 9:25am On Feb 03, 2016 |
tolutweety:wrote. The correct word is wrote.... *goesbacktosippingpomo* |
Re: CBN Policies Made Easy by Seun(m): 9:31am On Feb 03, 2016 |
Don't blame the BDCs for naira dropping. The CBN isn't selling enough dollars to meet the demand at the so-called official price, cos of oil price. |
Re: CBN Policies Made Easy by Ayoola171(m): 9:36am On Feb 03, 2016 |
ednut1:You are wrong, another word for Economist can never be confusion, it's just being Rational and Flexible. |
Re: CBN Policies Made Easy by grandlexuz(m): 9:37am On Feb 03, 2016 |
mycar: I bet you are wondering why no one has " like" your post? Don't worry, soon those who were unable to read the OP because they felt his epistle was not summarised will give you likes.. Political bigot..Ignoramus.Itiboribor. The OP did a good job explaining the policies of the CBN, so the common man can get a better understanding. His article was without political bias, yet you were quick to bring APC and PDP wahala into it... 7 Likes |
Re: CBN Policies Made Easy by piagetskinner(m): 9:39am On Feb 03, 2016 |
My worry is students who are schooling outside the country... How do they get money? because most banks are beginning to limit the amount of money sent via Western transfer |
Re: CBN Policies Made Easy by hopilo: 9:43am On Feb 03, 2016 |
Bottom line, I can not pay my UK fees even with the use of official form A. i completed this form for about 4 weeks now but the bank still tell me they are biding for dollars. Time means money, let CBN review this to help many students that are stranded. |
Re: CBN Policies Made Easy by Nobody: 9:48am On Feb 03, 2016 |
brilliant analysis |
Re: CBN Policies Made Easy by Goahead(m): 9:57am On Feb 03, 2016 |
mulattoclaro:Shove your silly obsessions with the South east into your åss.... Unfortunate zombie. 3 Likes 1 Share |
Re: CBN Policies Made Easy by FRANKOXY(m): 9:58am On Feb 03, 2016 |
OK o how about importers of cars & auto goods @ poster? |
Re: CBN Policies Made Easy by PNomsule: 10:00am On Feb 03, 2016 |
On a bright note, the current situation presents enormous opportunities for local manufacturers/producers to compete with the foreign counterparts. For instance, rather than buy clothes at Asos or Zara, most of us will just visit Sura the tailor for a quick “cut and sew”- in the words of us travelers ‘bespoke or localized pret-a-porter’. Might I add, save more money and eat local rice- go Ofada rather than international Caprice. This for me is the high point of this very educative piece but I guess it is not without its attendant qualms, being that the Nigerian economy is largely predicated on the strength or otherwise of the dollar. Now what it means is that, for the local entrepreneur, regardless of what enterprise they hope to venture into, there's always going to be a high cost implication to it no matter how locally sourced they may be. I may be wrong though. 4 Likes |
Re: CBN Policies Made Easy by ncolumella(m): 10:12am On Feb 03, 2016 |
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Re: CBN Policies Made Easy by dapsonlou(m): 10:30am On Feb 03, 2016 |
You my friend is an Excellent Writers. You came down to the level on which everyone reading would understand. 1 Like |
Re: CBN Policies Made Easy by Bgorgeous: 10:34am On Feb 03, 2016 |
Very educative post here thanks |
Re: CBN Policies Made Easy by Laid2001: 10:50am On Feb 03, 2016 |
Good write-up. Basically the op is describing the regulations put in place to implement the policy. The policy itself is to encourage local production/manufacturing of goods and discourage importation. Encourage export of the said goods as well. This will improve value of Naira when demand for Forex is lower than supply due to Net export compared to import. CBN has actually not ban importation of any item!. It lacks the power to do that. It has only said it will not make FOREX available for importation of those items. Hence, importers of those items have to source for FOREX from parallel (black) market putting pressure on the exchange rate at the parallel market. If any importer has its FOREX, its goods will not be seized, he will only pay the duty at the ports. It is the Ministry of Finance, via the customs that can ban importation of items and importer knows the items that are banned from importations. |
Re: CBN Policies Made Easy by johntaiwo123(m): 10:52am On Feb 03, 2016 |
K |
Re: CBN Policies Made Easy by Laid2001: 10:52am On Feb 03, 2016 |
come together and start car assembly. The Car assembly plants have assess to FOREX from CBN to Import Completely Knocked Down Parts (CKD) FRANKOXY: |
Re: CBN Policies Made Easy by Laid2001: 10:59am On Feb 03, 2016 |
For School fees, FOREX Is available from CBN via your bank. piagetskinner: |
Re: CBN Policies Made Easy by Dondav(m): 11:05am On Feb 03, 2016 |
Laid2001: Elaborate... |
Re: CBN Policies Made Easy by MaBuk(f): 11:06am On Feb 03, 2016 |
Thank you sir 1 Like |
Re: CBN Policies Made Easy by Nicepoker(m): 11:13am On Feb 03, 2016 |
adeaks:as if u did. Now tell us what u learnt from the post. 1 Like 1 Share |
Re: CBN Policies Made Easy by Laid2001: 11:14am On Feb 03, 2016 |
Go to your bank and collect the form to pay for School fees abroad, The bank will ask for evidence of school admission and school fees amount from you. Fill the form and the bank will submit to CBN to get the FOREX for payment directly to the school overseas. Your Naira account will be debit for the FOREX sent to the school. Dondav: 1 Like |
Re: CBN Policies Made Easy by distinguished1(m): 11:27am On Feb 03, 2016 |
Last time CBN came out with a new policy, I asked myself " Why all these policy Summersault?" Now I see reasons how BDC Mallams contribute to the strangulation of the naira. |
Re: CBN Policies Made Easy by OROSUNBOLB(m): 11:35am On Feb 03, 2016 |
davide470: We honestly need more of intelligent and smart guys like you here. There are lots of junks one reads on Nairaland nowadays. Thanks for this simple but highly insightful analysis. 1 Like |
Re: CBN Policies Made Easy by davide470(m): 12:02pm On Feb 03, 2016 |
Seun:The ones they were selling at official rate caused the spread at the moment, so why continue? |
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