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Nairaland Forum / Nairaland / General / Business / High Exchange Rate: Cargo Import Drops To 65% At Seaports (12989 Views)
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High Exchange Rate: Cargo Import Drops To 65% At Seaports by SoNature(m): 9:36am On Oct 24, 2023 |
Importation into the nation’s seaports dropped down to 65 per cent in the last two weeks, due to instability of foreign exchange and devaluation of Naira, LEADERSHIP learnt. Source: https://leadership.ng/high-exchange-rate-cargo-import-drops-to-65-at-seaports/ 3 Likes
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Re: High Exchange Rate: Cargo Import Drops To 65% At Seaports by Ikaeniyan0: 9:42am On Oct 24, 2023 |
If importation have reduce, why is the naira still freely falling against the dollar. I know the lifting of the ban on some items will make the naira fall at the official window. 17 Likes 1 Share |
Re: High Exchange Rate: Cargo Import Drops To 65% At Seaports by Bobloco: 9:42am On Oct 24, 2023 |
It has never been this worst 86 Likes 6 Shares |
Re: High Exchange Rate: Cargo Import Drops To 65% At Seaports by Bobloco: 9:43am On Oct 24, 2023 |
Ikaeniyan0: The Naira is falling because Tinubu is clueless 127 Likes 13 Shares |
Re: High Exchange Rate: Cargo Import Drops To 65% At Seaports by Ikaeniyan0: 9:54am On Oct 24, 2023 |
Bobloco:Well, issues like the one reported in this article will eventually lead to naira stabilizing and inflation reducing 6 Likes 1 Share |
Re: High Exchange Rate: Cargo Import Drops To 65% At Seaports by Bobloco: 9:57am On Oct 24, 2023 |
Ikaeniyan0: Just like saying that high cost of fuel is good for the economy because our roads are free 108 Likes 10 Shares |
Re: High Exchange Rate: Cargo Import Drops To 65% At Seaports by Neckpresser101: 9:57am On Oct 24, 2023 |
Ikaeniyan0:🤡🤡🤡 94 Likes 7 Shares
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Re: High Exchange Rate: Cargo Import Drops To 65% At Seaports by Ikaeniyan0: 10:04am On Oct 24, 2023 |
Bobloco:It's you thats making the claim, it's not me. And when the naira start strengthening against the dollar, the price of a litre of petrol will also start falling. 2 Likes |
Re: High Exchange Rate: Cargo Import Drops To 65% At Seaports by StOla: 10:06am On Oct 24, 2023 |
What is the benefit of importation? As long as exportation is not dropping, that is great news. We need to begin looking inward to meet our needs, including technological hardware and their spares, not to forget refined petroleum. 11 Likes 1 Share |
Re: High Exchange Rate: Cargo Import Drops To 65% At Seaports by Bobloco: 10:07am On Oct 24, 2023 |
Ikaeniyan0: But Tinubu is doing nothing to strengthen the Naira. His policies are making sure it is on a downward spiral 46 Likes 4 Shares |
Re: High Exchange Rate: Cargo Import Drops To 65% At Seaports by Ikaeniyan0: 10:08am On Oct 24, 2023 |
Bobloco:What do you mean by "Tinubu is doing nothing"? 2 Likes |
Re: High Exchange Rate: Cargo Import Drops To 65% At Seaports by Bobloco: 10:15am On Oct 24, 2023 |
Ikaeniyan0: Mention one policy statement by Tinubu that strengthened the Naira since coming on board 42 Likes 4 Shares |
Re: High Exchange Rate: Cargo Import Drops To 65% At Seaports by mrvitalis(m): 10:17am On Oct 24, 2023 |
Ikaeniyan0: Your method of reducing inflation is to reduce purchasing power? ... Oh I forgot Tinubu said it 34 Likes 3 Shares |
Re: High Exchange Rate: Cargo Import Drops To 65% At Seaports by mrvitalis(m): 10:18am On Oct 24, 2023 |
StOla:Nigerian importation was never the issue in fact we need to import more for things to be cheaper The issue is we don't export enough 21 Likes 4 Shares |
Re: High Exchange Rate: Cargo Import Drops To 65% At Seaports by forgiveness: 10:25am On Oct 24, 2023 |
The imoprters should source for produts made in Nigeria and export. The same way they travel abroad to source for product to import to Nigeria. Don't tell me Nigeria doesn't produce anything. Go to Aba alone and see how shoes, bags, belts are made in larger scales though they can request producers to improve the quality of their products then export to other African countries and as far as the Pacific countries. Don't forget Lagos and also Kano are also producing the same. Open warehouses and shops in these countries to market and sell these products. These process is tedious and demands strategic consistent marketing and advertising in those countries but the benefit supercedes the pains. The same way Hyundai, Samsung, Toyota even Pep stores from South African go to other countries to advertise their products and make money for their countries. The problem with importers, is the urge to make quick money without hard labor. Mind you, there are other products prodced in Nigeria here. Adire, Aso Oke, Ankara, Innoson, Nord, Electric cables, Nigerian foods, plastic chairs, etc. You can add to the list. Importers should upgrade and stop looking for fast money. 10 Likes 1 Share |
Re: High Exchange Rate: Cargo Import Drops To 65% At Seaports by Davicl: 10:33am On Oct 24, 2023 |
No hope here , and the right to protest has been killed during the endsar, Nigeria government and powerful individual committed genocide against her citizens during that endsar and unfortunately you do not expect justice from same people, it's that sad, now Nigeria are suffering and can't even protest because of fear 😨 of been killed and tribalism too 5 Likes 1 Share |
Re: High Exchange Rate: Cargo Import Drops To 65% At Seaports by Ikaeniyan0: 10:37am On Oct 24, 2023 |
Bobloco:In the near future, the federal government will automate transactions in the entire foreign exchange market to tame wide arbitrage and punish naira speculators. Wale Edun, Minister of Finance and coordinating minister of the Economy, mentioned this during the first-panel session at the 29th Nigeria Economic Summit (#NES29). His comment came shortly after President Tinubu had told summiteers that he has taken steps to deal with liquidity in the fx market and made a commitment to sort out all backlog. According to him, all dealings in the fx market, from the official to the money changers where huge arbitrage has consistently occurred, will be thoroughly monitored and offenders fished out and punished. He also disclosed that the president signed two executive orders last week. One of them is an executive order that allows forbearance for all the cash in the economy to come in and formally boost the money supply legally. There’s another executive order that allows domestic issuance of foreign currency issues so that it will allow incentive to provide that foreign exchange for whatever source. He said alongside this and part of a broader sort of review, there is a revamping of the foreign exchange market, which he said will be unfolded as time goes. He admitted that Nigeria’s foreign exchange market is not functioning effectively due to illiquidity and that the government is prepared to do everything required to change the status quo. “Foreign exchange market will simplified and reformed such that all legal and legitimate transactions will fall within the purview of the authorities and in the formal foreign exchange market. Anything outside that will be illegal, a criminal offence and will be punished,” Edun stated. In his comment, Yemi Cardoso, Governor of the Central Bank of Nigeria (CBN) assured that the apex bank, going forward, will take its objective of price stability “very seriously indeed.” He said the plan is to have a foreign market that is fit for purpose and works for everybody, which can be predictable and with no opacity. “We are going to come out with an elegant document that will tell you the rules,” the governor assured. https://businessday.ng/news/article/775395-naira/ 1 Like |
Re: High Exchange Rate: Cargo Import Drops To 65% At Seaports by fineboynl(m): 10:40am On Oct 24, 2023 |
Price will increase that mean more inflation. Rich people already storing the funds in a more stable currency. This sharp fall of import will impact productivity and business activities. By December many people will understand the damage tinubu is doing to Nigeria. And he seems not to care and not even addressing Nigerians. 16 Likes 1 Share |
Re: High Exchange Rate: Cargo Import Drops To 65% At Seaports by Davicl: 10:40am On Oct 24, 2023 |
Ikaeniyan0: Look at this one,in near future huh? Keep dreaming 17 Likes 2 Shares |
Re: High Exchange Rate: Cargo Import Drops To 65% At Seaports by Ikaeniyan0: 10:41am On Oct 24, 2023 |
Davicl:Go through the full article |
Re: High Exchange Rate: Cargo Import Drops To 65% At Seaports by CodeTemplar: 11:03am On Oct 24, 2023 |
Cargoes takes 45 days to arrive and therefore can't change rate of arrival because of dollar in 2 weeks. Importation into the nation’s seaports dropped down to 65 per cent in the last two weeks, due to instability of foreign exchange and devaluation of Naira... |
Re: High Exchange Rate: Cargo Import Drops To 65% At Seaports by Ikaeniyan0: 11:11am On Oct 24, 2023 |
mrvitalis:People importing unnecessary things will keep their naira instead exchanging it to dollar and importing an unnecessary thing. 2 Likes 1 Share |
Re: High Exchange Rate: Cargo Import Drops To 65% At Seaports by 7lives: 11:13am On Oct 24, 2023 |
StOla: God bless you my brother, the forex that Nigerians spent on importing Chinese textiles aka Ankara China, if that money is spent our textile industry, a lot of jobs will be created. Let this country learn mass production of her goods and stop the nonsense mass importaions. Nigerians should go and see what L'Oreal Paris did for France, Huawei did for China, Microsoft and Apple for America, and so on. Businesses brings Forex into the country not the government. Enough with the cry for dollars, whoever needs dollars to import hair extensions, intimacy gadgets and all kinds of trash, should generate theirs. Only the productive sectors of the economy should be allowed to access Nigeria's forex. 5 Likes 1 Share |
Re: High Exchange Rate: Cargo Import Drops To 65% At Seaports by BigIyanga: 11:15am On Oct 24, 2023 |
forgiveness:Typing……,,,,,, with Chinko made phone?? 9 Likes |
Re: High Exchange Rate: Cargo Import Drops To 65% At Seaports by mrvitalis(m): 11:18am On Oct 24, 2023 |
Ikaeniyan0:The problem with APC is instead of focusing on promoting export they are focusing on preventing import That's so 1800s economics The theory of comparative advantage rules the world You think China can't farm corn and soy? But import it? You think China can't farm meats? But import? You think America can't build chips? Lmaooo Una go learn Obi was here giving you guys free knowledge no body took it seriously 22 Likes 3 Shares |
Re: High Exchange Rate: Cargo Import Drops To 65% At Seaports by Ikaeniyan0: 11:20am On Oct 24, 2023 |
mrvitalis:Did the Nigerian government ban importation? 2 Likes |
Re: High Exchange Rate: Cargo Import Drops To 65% At Seaports by Kukutente23: 11:21am On Oct 24, 2023 |
Wonderful!! Agbado economists now believe importation is evil. This guys are fuçking clueless Zombies. Just look at them up there condemning importation as if it's not a part of trade. One wonders which schools these clowns attended. Even secondary school economics should cure this cluelessness 20 Likes 2 Shares |
Re: High Exchange Rate: Cargo Import Drops To 65% At Seaports by Kukutente23: 11:23am On Oct 24, 2023 |
7lives: This was Buhari and Emefiele's policy which your god just trashed on the advice of citibank. So, is Buhari a failure now or Tinubu is clueless. Which narrative are we running with? 13 Likes 1 Share |
Re: High Exchange Rate: Cargo Import Drops To 65% At Seaports by Kukutente23: 11:29am On Oct 24, 2023 |
Ikaeniyan0:How will inflation reduce when you're being told that your supply of goods is thinning? What is inflation again? Darn!! Nigerian education needs to be revamped 11 Likes 1 Share |
Help! I Need To Start Food Stuffs Business. / Naira Rises By 7.7% As Official Exchange Rate Close At ₦1,142/$ / Naira Down To N1,525/$ In Parallel Market
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