Economist should help explain the impact of this policy on the present gazalisation things.

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.

hoarding dollar is not the problem of Naira. It's is the scarcity of dollars.

Just like hoarding petrol is not the cause of fuel scarcity but the lack of it.

If you hoard petrol and NNPC floods the market with petrol, the scarcity will end.
Just like if you hoard dollars and government floods the market with enough dollars at favorable rate, your hoarded dollars will be useless if you don't sell.

If government is earning enough dollars from crude oil and natural resources without giving them out again to petroleum marketters to import fuel into the country, there will be enough dollars for everyone that needs it and no one has to hoard.

Although I agree that the school requesting people to pay in dollars in Nigeria should be banned cos that would lead to the dollarization of the economy, but Banning this and that without addressing the root of the problem is just moving round in circle.

well maybe you have a point here, but i don't know if those importers are responsible for the high black market rate. let's watch.

ORIENTATION101:
the importers will leave blackmarket forex and trade on cbn import and export forex windows which will boost forex liquidity .
Watch how price of Rice and cement crash in weeks.

Always putting the cart before the horse,instead of making local production of all this ban item surplus before banning,if only this will affect them he for better

frog12:
really you guys are being taking for a ride.
how can local produce be cheaper than imported ones? one imported tomato in VI is N3000, but local ones maybe N50.

No one is asking for local produce to be cheaper than imported ones

But the way local produce has been rising is insane.

People are suffering o because of the extremely expensive foodstuffs. If we can't produce enough to feed ourselves for now then let's import to fill the gap

Local farmers have been giving enough time to grow and compete against importers

Abujaexpress:
Since the ban on the excuse that those items could be produced locally and meet the demand of Nigerians, what has been the impact?

Impact ke Corruption killed the impact. You know what? The same corruption will kill the supposed impact on the new policy. See I will keep saying it that until they kill corruption ( a deadly virus ) no expert economy policy will safe Nigeria.

Nice!!
This was one of the hammer blows Buhari gave to Nigeria

What of the 3 billion dollars borrowed the last time to sanitize the market, e don enter voice mail ba😁😁😁😁😁

what's so nice about it

melodyogonna:
Nice!!
This was one of the hammer blows Buhari gave to Nigeria

frog12:
well maybe you have a point here, but i don't know if those importers are responsible for the high black market rate. let's watch.

the importers needs to source forex from blackmarket to import those items on ban list. It is shrinking cbn trade volume while black market is the destination of substantial amount of the forex coming in and out.
No point holding on to the ban especially when cbn trade volume is shrinking. And inflation is on high side.
Local manufacturers re greedy idiots.
Instead of carrying nigerian. Forex to benin republic to import food and pay tax to their govt at the expense of nigeria economy. Kuku allow them to import from nigeria directly through official channel then masses reap crash prices in foodstuff and govt forex trade volume and tax increases

Lovenorth:
Expect the forger to fix the country at your own risk

I know this is beyond your brain to understand.
You can't forge what you have.
The school never said he forged his result.

Anyway....8.7 millions Nigerians believed in the 'forger' than the olodo who could not pass English, economic, maths, and even government at o levels.

Who is he going to rule ?

Jokers

stagger:


Please explain the mechanism by which it will occur.

cbn will inject more dollars in the market. So I expect

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.

What if you still want to reinvest those dollars abroad to get more dollars, how would that work?

I go change money which day here
Aboki say dollar go fall
I laugh 😂
I tell am say dollar go continue to rise
Aboki ask me why I talk like that

I tell say because the people In charge re incompetent

Have you ever seen where a thieves
Drug barons
Wicked and selfish people are in power
You expect any good thing to come out ?

I laugh ona when de get hope for this govt

In the next 8years of tinubu govt

Dollar go reach 3000 to 5000 to a dollar
Just de watch

you have a point. if the importers are doing this on high volume. let's wait and see if it will work, since the cbn i&E window is cheaper. good for importers

ORIENTATION101:
the importers needs to source forex from blackmarket to import those items on ban list. It is shrinking cbn trade volume while black market is the destination of substantial amount of the forex coming in and out.
No point holding on to the ban especially when cbn trade volume is shrinking. And inflation is on high side.
Local manufacturers re greedy idiots.
Instead of carrying nigerian. Forex to benin republic to import food and pay tax to their govt at the expense of nigeria economy. Kuku allow them to import from nigeria directly through official channel then masses reap crash prices in foodstuff and govt forex trade volume and tax increases

How is a bad idea Mr Muntura. Did you not hear that the food in Nigeria can not meet up with the millions of mouths it should feed. Making it survival of the fittest in cash.

frog12:
it's a bad idea to lift the ban on 43 items . dullards

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.

Honestly am wondering why we still have dorm account. People now store their money in dollars and export out of the country. This dollar scarcity is mostly artificial. Though the fact that we produce nothing is also a factor.

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.

You said it all. I was shocked when my children of pry 5 told me

Alliswell248:


I know this is beyond your brain to understand.
You can't forge what you have.
The school never said he forged his result.

Anyway....8.7 millions Nigerians believed in the 'forger' than the olodo who could not pass English, economic, maths, and even government at o levels.

Who is he going to rule ?

Jokers

One of the bigot spotted

Lovenorth:

One of the bigot spotted

Olodo following olodo....

Pass in English
Pass in Government
Pass in Maths

Olodo ni Hoebi...

lie. it seems cbn have a different objective here. hope it works.

victorclean:
How is a bad idea Mr Muntura. Did you not hear that the food in Nigeria can not meet up with the millions of mouths it should feed. Making it survival of the fittest in cash.

You mean 2023 Dec, if nothing is done urgently before 2024 Dec, dollar would have been close to 5000

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

I have been to almost 10 countries in Europe and exchange rate is the same at any regulated bureau u visit ...no black market whatsoever .... all this effort are futile if we do not face the fundamental and technical issues affecting the exchange rate ...so long as black market exist nothing will change

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

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

What type of objective?. Quite unfortunate most Nigeria don't trust the government.

Every new policy is suspicious. To me ooo , you maybe right they may have ulterior motives.

frog12:
lie. it seems cbn have a different objective here. hope it works.

Small small they will reverse all the stupid policy from FX to paying back subsidy, but the price of commodities will never reverse back. Shame.

May God continue to punish all Buhari's supporters especially the ones here

read one of my responses. someone answered it.

victorclean:
What type of objective?. Quite unfortunate most Nigeria don't trust the government.

Every new policy is suspicious. To me ooo , you maybe right they may have ulterior motives.

So more imports is the answer?

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.

Bigot

Againstallodds:
Expect dollar to dip in the coming days

You mean Naira??

frog12:
it's a bad idea to lift the ban on 43 items . dullards

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?