Many analysts of political and economic matters on this section have been criticizing the economic policy of the Buhari led government.




Which item/s On the list of 41 Banned Items Would u want The FG To Unban, To Ease Inflation, and to ameliorate recession ?


The Central Bank of Nigeria (CBN) recently banned issuance of foreign exchange for the importation of some commodities which could be produced within Nigeria due to the acute shortage of foreign exchange earnings and depletion of our foreign Reserve as a result of low crude oil price in the international market which dropped to record low of $28 in Jan 2016. However, It is important to clarify that the items listed below are not out rightly banned by the government. It simply means that importers of these items are no longer qualified to get foreign exchange from the CBN or the official market to buy these items from overseas. As such they must resort to Bureau de Change or parallel market, But due to the low local production capacity for these banned items and the resilience of the importers of these banned items to import at all costs, they now source their foreign exchange from the parallel market section of the exchange market, this has lead to much pressure to the Naira on the parallel section of the exchange market, which has pushed Naira to exchange at #499-505 to a $, a wide disparity against the official market rate which as be stable for some months now at #305-315 to a $.


But due to the recent happening; Increase in the price of crude oil in the international market after OPEC deal with none OPEC members and the marginal increase in our Foreign Reserve which is now at a year record high at $28.2 B, which of these banned items would you like the the CBN to allow access to the official exchange market to ease the pressure on the parallel section of the exchange market and give your reasons.


The items include the following:
1. Rice
2. Cement
3. Margarine
4. Palm kernel/Palm oil products/vegetables oils
5. Meat and processed meat products
6. Vegetables and processed vegetable products
7. Poultry chicken, eggs, turkey
8. Private airplanes/jets
9. Indian incense
10. Tinned fish in sauce(Geisha)/sardines
11. Cold rolled steel sheets
12. Galvanized steel sheets
13. Roofing sheets
14. Wheelbarrows
15. Head pans
16. Metal boxes and containers
17. Enamelware
18. Steel drums
19. Steel pipes
20. Wire rods(deformed and not deformed)
21. Iron rods and reinforcing bard
22. Wire mesh
23. Steel nails
24. Security and razor wine
25. Wood particle boards and panels
26. Wood Fibre Boards and Panels
27. Plywood boards and panels
28. Wooden doors
29. Toothpicks
30. Glass and Glassware
31. Kitchen utensils
32. Tableware
33. Tiles-vitrified and ceramic
34. Textiles
35. Woven fabrics
36. Clothes
37. Plastic and rubber products, polypropylene granules , cellophane wrappers
38. Soap and cosmetics
39. Tomatoes/tomato pastes
40. Eurobond/foreign currency bond/ share purchases

No.1 and 40, every other thing we can produce, here. cept for a aircrafts

You no put corn, wheat and other poultry inputs which Have led to an unimagineable increase in price of poultry feeds thereby destroying the sector over night

Clothes

Jibril659:
No.1 and 40, every other thing we can produce, here. cept for a aircrafts

Don't you think if 1 is Unban it will send wrong signal to local investors trooping into its cultivation. And how does 40 help local economy?

phantom24:
You no put corn, wheat and other poultry inputs which Have led to an unimagineable increase in price of poultry feeds thereby destroying the sector over night

go through the list it contains all the items barred from accessing Forex from the primary market.

realjoker:
Don't you think if 1 is Unban it will send wrong signal to local investors trooping into its cultivation. And how does 40 help local economy?

how have these local investors helped in cutting down the price rice in the market?

Lots of steel products on list but Nigeria doesn't have vibrant steel industry what's the point. Why not ban foreign cars aswell? Also notice list is made up of manufactured products mainly.

If Nigerian government fixed electricity issue and mining industry. This wouldn't be issue. It also gives proof to my statements industrialization is way forward not agriculture.

I would pick tomatoes. I like stew and pasta as my main meals.

https://www.nairaland.com/3496315/long-term-agriculture-not-way