Algold:
People are hoarding dollar at the expense of the Naira. Just imagine some private schools asking pupils and students to pay in dollar within the Nigeria space.
The solution, is to eliminate hoarding dollar, booster local productions.
Ban Bereau de change, ban domiciliary accounts that accept foreign currency (should be exchange at point of entry)
Long jail terms for money laundering, especially on foreign companies within the country.

AngelicBeing:
Naira to Dollar is going up astronomically, if the trend continues like this, without good government economic policies, by October 2024, Dollar might likely be exchanging between 1500 to 2000 naira

Jahwinaboy:
And it's a worse idea to ban them since 2015 without promoting local production. This is better than our current situation. For instance, how come local rice is highly expensive?

Againstallodds:
Expect dollar to dip in the coming days

Blue3k:
Time to start importing Cheap beef and cement.

Mrfeel:
I remember when Reno kept attacking peter obi calling him a trader telling his gullible followers that obi will lift the ban on importation in favour of his kinsmen to destroy Nigerian economy

BarrElChapo:
Does this mean that they can now be imported into the country 🤔

Againstallodds:
Expect dollar to dip in the coming days

Olukemioluwa:
Are they trying to say ban on importation of foreign rice have been lifted?

Beremx:
I hope the price of rice, milk and sardine will come down

LifeDrama:
Tinubu busy doing nothing

AngelicBeing:
Naira to Dollar is going up astronomically, if the trend continues like this, without good government economic policies, by October 2024, Dollar might likely be exchanging between 1500 to 2000 naira

okewumi:


Agent of darkness. Is it not better something good happens. Some of u are destined for sufferness and l will never be part of that.
Everyday counts! !. If their policy work, even if you are not in nigeria, your extended family are theire. We need to be positive in life bc you can never be here forever.

henrimoto:
..They will still use the excuse of high rate of Naira to Dollar exchange to hike the prices of these items when imported.

frog12:
what's so nice about it

grandstar:
This is fantastic news. This should boost business confidence.

I hope it also reduces the differences in the official and black market tatws

Algold:
People are hoarding dollar at the expense of the Naira. Just imagine some private schools asking pupils and students to pay in dollar within the Nigeria space.
The solution, is to eliminate hoarding dollar, booster local productions.
Ban Bereau de change, ban domiciliary accounts that accept foreign currency (should be exchange at point of entry)
Long jail terms for money laundering, especially on foreign companies within the country.

studycenter:
The inflation really started after the ban on these commodities. I hope this can help the common man. I remember prior before the ban, 25kg Royal stallion rice was selling at N3,500

BUA got a hint of this and quickly adjusted its cement price.

Other marketers/producers will follow suit by the time people start bringing in these foreign goods.

But come to think of it, with this skyscraper forex, who'd import at that rate and expect to sell at a cheaper price than it is in the current market🤔

No policy has really brought us good in this country. They always go back to counter and come up with the worst.

dennisworld1:
Ban the black market

Fryx:


How is encouraging imports beneficial?

Jevica:
Try and error continue. The star boy of Lagos is not finding things easy as predicted. Nigeria is not Lagos

ufotunang:
When you lift ban 43 items that means imoorters can now imoort those items into the country... that is increase in importation and reduction in exportation and production....than is more importation and less exportation and production of goods... which cannot solve the problem of the dollar rising and naira losing value.... nigeria to be a producing economy is the solution to all this problems

chisomkachy:


https://m.facebook.com/story.php?story_fbid=pfbid038BsSm9hcsyudCNFxeDjpR1yvszGhv66ugtB88EoUMmY9PaWndHGf9eX5EnLkDASKl&id=100064853313796&mibextid=Nif5oz



In June 2015, the Central Bank announced that some 41 items were “Not Valid for Foreign Exchange”, on the grounds that they could easily be produced in Nigeria rather than being imported into the country.

Some of the affected items include rice, cement, margarine, palm kernel, palm oil products, vegetable oils, meat and processed meat products, vegetables and processed vegetable products, poultry, tomatoes/tomato paste, soap and cosmetics, and clothes.

Other items include private airplanes/jets, Indian incense, tinned fish in sauce, cold rolled steel sheets, galvanised steel sheets, roofing sheets, wheelbarrows, head pans, metal boxes/containers, enamel ware, steel drums and pipes, wire mesh, steel nails, wood particle boards, and panels.

Equally affected were security and razor wire, wood particle and fiber boards and panels, wooden doors, furniture, toothpicks, glass/glassware, kitchen utensils, tableware, tiles (vitrified, ceramics), textiles, wooden fabrics, plastic/rubber products, polypropylene granules, and cellophane wrappers.

The apex bank subsequently added fertiliser and maize/corn to the list of banned items.

According to the apex bank at the time, the I&E market functions by a “willing buyer, willing seller” system, where an entity with demand for FX seeks out another entity with FX to sell at an agreed price through an authorised dealer.