Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / NewStats: 3,205,003 members, 7,990,762 topics. Date: Friday, 01 November 2024 at 12:00 AM |
Nairaland Forum / Nairaland / General / Business / What You Need To Know About CBN’s Lifting Forex Restriction On 43 Items (36289 Views)
CBN To Intervene In Forex Market, Lifts Ban On 43 Items / CBN Reiterates Stance On FX Access, ‘status Quo Remains On 43 Non-eligible items / Forex Restriction Threatens Over 50,000 Jobs In Dairy Sector (2) (3) (4)
(1) (2) (3) (4) (5) (6) (Reply) (Go Down)
What You Need To Know About CBN’s Lifting Forex Restriction On 43 Items by KillIgbohoN0W: 9:34pm On Oct 14, 2023 |
By Bamidele Ogunwusi The Central Bank of Nigeria (CBN), on Thursday, October 12, 2023, announced, among other policy issues, the lifting of foreign exchange restrictions hitherto placed on the importation of 43 items. Source: Independent 45 Likes 1 Share
|
Re: What You Need To Know About CBN’s Lifting Forex Restriction On 43 Items by Seefinish: 9:43pm On Oct 14, 2023 |
The same party that banned those products is the same party that lift the ban. APC has nothing good to offer the country. The two presidents INEC forced on us from APC don't have traceable ancestry and educational qualifications. 211 Likes 19 Shares |
Re: What You Need To Know About CBN’s Lifting Forex Restriction On 43 Items by MissWords: 9:52pm On Oct 14, 2023 |
That party? Contact me for your Academic assignment, dissertations etc and also with a good turnitin report 8 Likes 4 Shares |
Re: What You Need To Know About CBN’s Lifting Forex Restriction On 43 Items by lordm(m): 10:06pm On Oct 14, 2023 |
Still don't understand. Put it in layman's term. Will it make cement cheaper? 38 Likes 4 Shares |
Re: What You Need To Know About CBN’s Lifting Forex Restriction On 43 Items by Obagreatdatoye(m): 11:07pm On Oct 14, 2023 |
The lifting of the ban is a good one 2 Likes |
Re: What You Need To Know About CBN’s Lifting Forex Restriction On 43 Items by JagabanB: 11:13pm On Oct 14, 2023 |
Seefinish:Somehow a Nigerian thinks governance is about party, the party doesn't decide what happens, the individual called the president does. INEC didn't force them on Nigerians, they won election that ur candidate lost. Nîgeriàns made their choice and their choice is not your candidate. 154 Likes 12 Shares |
Re: What You Need To Know About CBN’s Lifting Forex Restriction On 43 Items by dexmond: 2:56am On Oct 15, 2023 |
Nigerians should ask the government the following questions: 1. What happened to all the dollars that come into the country via crude oil sales? How does CBN handle it for the government? 2. When the formost economist Mr Boyo was alive, he spoke about how activities in the parallel market gets very active during FAAC allocation. These spike in the parallel market activities were usually driven by wholesale demand for dollar by politicians. The question is, what do politicians do with the dollars if not to store in Septic tanks or send it to offshore account.There should be a complete ban on BDC operations. Nigerians should be asking these lines of questions. 37 Likes 3 Shares |
Re: What You Need To Know About CBN’s Lifting Forex Restriction On 43 Items by Penguin2: 3:17am On Oct 15, 2023 |
Placing FX restrictions on these products was well intentioned but I guess other variables made it become unattainable for now. The CBN is therefore right to lift the restriction for now so that the importers of those items will not be putting pressure in the black market which adds pressure to the Naira. It’s an intricate situation really. 25 Likes 1 Share |
Re: What You Need To Know About CBN’s Lifting Forex Restriction On 43 Items by fregeneh(m): 7:28am On Oct 15, 2023 |
Penguin2:hmmm well intension? I thought it was because BUHARI was wicked,useless,worthlessclueless,tautless and above all hate/trying to purnish IGBO. 4 Likes |
Re: What You Need To Know About CBN’s Lifting Forex Restriction On 43 Items by gabbytabby: 9:47am On Oct 15, 2023 |
Makes sense to do this as FG not subsidising arbitrage and everyone goes to the bank and no need to go to risky black market for very large transactions. KillIgbohoN0W: 1 Like |
Re: What You Need To Know About CBN’s Lifting Forex Restriction On 43 Items by gabbytabby: 9:57am On Oct 15, 2023 |
He wanted to grow internal production so this is a good idea but it should not have lasted for so long. Most countries who use this only use it for not more than 2 years to give a headstart to their industries but the right time to reverse is as soon as the FG stopped the essentially subsidising foreign exchange transactions and transfers. Thank you PBAT Nigeria go better. On your mandate we stand. fregeneh: 20 Likes 2 Shares |
Re: What You Need To Know About CBN’s Lifting Forex Restriction On 43 Items by Chispa: 3:12pm On Oct 15, 2023 |
Ok. |
Re: What You Need To Know About CBN’s Lifting Forex Restriction On 43 Items by aylagos(m): 3:14pm On Oct 15, 2023 |
Hmmmm 🤔 |
Re: What You Need To Know About CBN’s Lifting Forex Restriction On 43 Items by Artiiclebeast: 3:14pm On Oct 15, 2023 |
Rigmarolic trial and error government and CBN. Suppose they've struggled to meet the FOREX demands despite these initially exempted 43 items. How do they intend to meet the demand with these extra 43 coming on board to pile pressure on the never-available FOREX further? Voodoo economists playing ping pong with the economy and lives of the citizens under the direct supervision of their slave masters at BRETTON WOODS (IMF, WORLD BANK, etc). Mark this comment. They'll still reverse this decision and re-ban these items. 8 Likes |
Re: What You Need To Know About CBN’s Lifting Forex Restriction On 43 Items by kokakola: 3:14pm On Oct 15, 2023 |
This is a step in the right direction if they have plans for the Economy and Local industries in their short and long term plans. The last administration failed with their policy by putting the cart before the horse and with selfish policies. I hope going forward we'll get things right, irrespective of who is in power. 8 Likes |
Re: What You Need To Know About CBN’s Lifting Forex Restriction On 43 Items by Godada(m): 3:14pm On Oct 15, 2023 |
Re: What You Need To Know About CBN’s Lifting Forex Restriction On 43 Items by ednut1(m): 3:15pm On Oct 15, 2023 |
Exchange rate will only get worse . Point 5 is nothing but a lie. Why will i import inputs then come face high cost of power, bad roads for logistics etc. i will simply import the finished goods which will kill local production 16 Likes 1 Share |
Re: What You Need To Know About CBN’s Lifting Forex Restriction On 43 Items by Dogalmighty17: 3:16pm On Oct 15, 2023 |
Believe the rubbish above at your peril. What business does the cbn have with the parallel market? The parallel market exists simply as a result of the failure of the CBN to make dollars available so people have to source for dollars elsewhere. The simple truth is that Nigeria is not earning enough dollars. The profligacy and wastefulness of the Jonathan and Buhari government is beginning to catch up with us. The billions of dollars being stolen from this country has brought Nigeria to its knees. Instead of addressing the thieves, the APC and PDP rather chose to embark on borrowing mindlessly. These loans have to be paid back and serviced in dollars. Presently 96% of Nigerias earnings are channeled into debt servicing. Which useless and stupid CBN governor has been in charge for the past 12 years? That fool Emiefele. There is nothing the CBN can do now. The present CBN governor is very senseless with this poorly thought out policy. There are better ways to seek harmonization of both the parallel and official market. In the first place, it is even wrong that selling of currency is even a business. That is a very fundamental failure for any Central Bank. If the CBN can't guarantee availability of dollars in the official market then this policy is as useless as it comes. The parallel market only responds to the official market. The dollar didn't cross 1000 naira until Tinubu came up with a supposed harmonization policy. We all see what a disaster that has become. BUHARI WAS AN ILLITERATE WITH HIS IMPORT RESTRICTION POLICIES. HE KILLED NIGERIA. Every economy has things it produces cheaper than other countries. So it is advisable to dwell on what you can cheaply produce and import what another country can produce cheaper. Import restriction policies are failed policies. Nigeria will never be able to produce rice cheaper than India and Thailand can. Restricting imports only forces the prices of inadequate local supply to rise. Just as we have seen local rice do. Multiply this scenario across a number of other sectors and then you understand what damage Buhari really did. The ban on poultry importation pushed so many people into poultry business. This created a huge demand for poultry feed that the feed making companies in Nigeria still can't meet with. The result, high price of feeds, which leads to high price of birds and eggs at the point of sale. The present price of a crate of eggs is twice what it was at the end of Jonathans tenure. Nigeria has too many built-in economic efficiencies. We do not have the knowledge base for tertiary industries and secondary even. We can't drive a 21st century economy primarily on subsistence industry. Government can't keep paying lip service to science and technology and expect things should change. It is far easier to steal and which is what our political class have done and keep doing. I have nothing but utter contempt for them. 36 Likes 4 Shares |
Re: What You Need To Know About CBN’s Lifting Forex Restriction On 43 Items by Akwamkpuruamu: 3:16pm On Oct 15, 2023 |
Double edged, confused government. The restriction aimed at reducing foreign exchange demand for products that could be locally produced, improve employment generation and conserve foreign reserves. Your last paragraph op, negates this. Eg, Local rice goes for around 50k per bag now. Imported rice will hardly cross 35k/bag. How will the local rice factory generate employment, if not to pack up? This importation increase will make all competing local production to just die. We lack the comparative advantage with imported goods. Just forget about production because the producers won't break even. Unemployment will increase. The only gain in this, is that, the prices of foodstuffs will come down within the reach of the common man. As for increased foreign reserve, employment generation, na Big lie. It won't work. Local production is gone the drain 12 Likes |
Re: What You Need To Know About CBN’s Lifting Forex Restriction On 43 Items by Racoon(m): 3:17pm On Oct 15, 2023 |
This is just going to worsen the exchange rate. 2 Likes |
Re: What You Need To Know About CBN’s Lifting Forex Restriction On 43 Items by specialmati(m): 3:17pm On Oct 15, 2023 |
APC =Another Party Criminals. Confused mudafuckers 1 Like |
Re: What You Need To Know About CBN’s Lifting Forex Restriction On 43 Items by jojothaiv(m): 3:18pm On Oct 15, 2023 |
MissWords:😂😂😂😂 |
Re: What You Need To Know About CBN’s Lifting Forex Restriction On 43 Items by bigdammyj: 3:19pm On Oct 15, 2023 |
Reading... |
Re: What You Need To Know About CBN’s Lifting Forex Restriction On 43 Items by bonnyhope: 3:19pm On Oct 15, 2023 |
Okay Let's wait and see if there will be positive outcomes That is what we are after now not long epistle with economical jargon |
Re: What You Need To Know About CBN’s Lifting Forex Restriction On 43 Items by Administration1: 3:20pm On Oct 15, 2023 |
blabulu2000: Display of hatred You are such a pathetic mòron whose life and existence only depends on doing tribal gbas-gbos on nairaland The day nairaland puts an end to indulging tribal banters,na that day you go finally sell this phone wey you thief, buy snipper end this rubbish wey you call life. Others are destined to be something in life,your own destiny is to do Igbo dis,Igbo dat and tribal gbasgbos on nairaland Chia your future no bright at all bcus this kind destiny wey you carry come this life no just make sense at all. Your head no just try for you ooo 4 Likes |
Re: What You Need To Know About CBN’s Lifting Forex Restriction On 43 Items by datola: 3:22pm On Oct 15, 2023 |
Hmmm... Let us see positive results |
Re: What You Need To Know About CBN’s Lifting Forex Restriction On 43 Items by Phoen1X: 3:22pm On Oct 15, 2023 |
APC is only good in propoganda,.. they will still lell us otherwise tomorrow. |
Re: What You Need To Know About CBN’s Lifting Forex Restriction On 43 Items by money121(m): 3:22pm On Oct 15, 2023 |
Ok |
Re: What You Need To Know About CBN’s Lifting Forex Restriction On 43 Items by israelmao(m): 3:23pm On Oct 15, 2023 |
APC is moving back and forth in its economic and monetary policies.In Buhari era many sweet stories were told of the benefits of restrictions on these items too. |
Re: What You Need To Know About CBN’s Lifting Forex Restriction On 43 Items by wittywriter: 3:24pm On Oct 15, 2023 |
VAGABONDS IN POWER Wittyness. |
Re: What You Need To Know About CBN’s Lifting Forex Restriction On 43 Items by clinician2x: 3:25pm On Oct 15, 2023 |
blabulu2000: Both u and the person you're dealing with are buying fuel at 617 naira. Where then does it leave u. Wake the fvck up or continue to de mumu ufself 5 Likes |
(1) (2) (3) (4) (5) (6) (Reply)
Emeka Offor At Ifeanyi Ubah FC And Enyimba Of Aba Match (Photos) / 5 Habits That Will Keep YOU BROKE! / Mohammed Indimi & Daughter, Adama Cry At Their Birthday Party In Spain
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 61 |