oneclickng:
Nothing will still happen

Actually it will get worse. Reintroducing the 43 items without first addressing the supply side is a big mistake.

Gilgil:
The problem is trust.

If you were one of those importers hoarding dollars, would you trust the government and release the one you are hoarding?

Wouldn't you just go into the I & E exchange and ask for more dollars for importing those unbanned products thereby putting more pressure on the naira-dollar situation?

One of the reasons I'm having mixed feelings about the initiative.

And what is the guarantee that the influx of more importers won't worsen the pressure on the already scarce forex, since the hoarders may opt not to inject their notes into the market?

Trial and error governance since 8yrs ago. You don't ban what you don't have a sufficient alternative for

Thank you. Na Person wey get sense be this.

But many things don spoil ooooo! The effect of this may not quickly show.

But, this is a good move.

Those wey rule before just wan kill us because of their selfish interest. God will judge them.

Kay25:
rubbish citizen like u

Lol, I thank God, my life is better than yours. Omo suffering and smiling

happney65:


Boost local production by fixing power. That is the major thing. Boost local production. There cannot be any production if power isn't fixed

2. Bureau De change cannot be banned. It is a source of livelihood for some. In essence black markets cannot be totally banned as there are black markets around the world. Banning them will make things worst as people will go there to get their dollar..

I think any international payments coming into Nigeria should be paid in dollar. Domiciliary accounts should be easier to open.
Western Union,MoneyGram and the likes should pay out too in foreign currencies. You should choose the option of either being paid in Naira or Dollar, If we can get over the counter, the rate will fall. The scarcity is what is making it hard and getting more expensive.

But first of all. We should increase our productivity. We should start exporting. We are not exporting at all. When we do our currency will have a little bit more value.But before we can do that,we should fix Power. That is what Obi was telling una,yet we use ethnic and tribal sentiments take do am

Shuke

That is the primary thing. Improvements in Power, Productivity and increase in exports.
Seconded.

.

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

Yes, importations of those products are permitted. Good development. Congratulations to Nigerians.

This a good development. Congratulations to all Nigerians. Buhari was a disastrous mistake that happened to Nigeria.

frog12:
people have survived the banned items and no problem.
stop complaining. this is bad policy.

You're very myopic in your reasoning. Let those foreign products compete with our local products in the market. This is the best policy in Tinubu administration.

Kukutente23:

How's it a good policy
You're turning out to be an APC apologist
You suggested cutting corporate taxes to improve jobs and industrial outputs
Yet you're praising a govt who is opening the flood gates of importation which will kill local industries

What impact has the ban on foreign items done to Nigeria in the past 8yrs? For your information, Nigeria is very large market for both foreign and good local products to sell. Average Nigerian business man is very greedy and he needs competition to stop monopoly.

Keneeby:


You're very myopic in your reasoning. Let those foreign products compete with our local products in the market. This is the best policy in Tinubu administration.

Don't mind them bro, they're part of those who were benefiting from monopoly created by buhari in last 8yrs. They went to deceive the cow that economy would improve when they ban foreign goods and he bought their idea since he too no dey reason well. Whereas their greed is more than that of politicians, they will be creating monopoly here thru their useless association and one will wonder how locally made product can be higher in price than the one that travels down all the way from Asia. We're the enemies of ourselves in this country

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.

Since when did Nigerians start producing airplane jets and their parts?

Buhari and his Fulani gang are a bunch of idiots whose mission is to devalue the Naira in favor of CFA, their preferred currency

Algold:


The few dollars entry counrty are going into those that choose to hoard it for the reasons we all know. We should create robust and transparent financial system

The few dollars?

People will continue to hoard "few" products. There is nothing anyone can do about it. If they tell you that rice is scarce in the market, what are you going to do?

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

Why... Can you explain pls

dhope:

What impact has the ban on foreign items done to Nigeria in the past 8yrs? For your information, Nigeria is very large market for both foreign and good local products to sell. Average Nigerian business man is very greedy and he needs competition to stop monopoly.

There's a difference between competition and monopoly. Nigerian goods cannot compete with foreign goods because industrial inputs in those countries are cheap. So they can afford to come here with their goods and crash prices.
The importer is still Nigerian. So if it's about greed, there should be no difference in pricing. Look at rice for example, it costs more to plant in dry season in Nigeria while countries like India, Philippines and Thailand have perfected plans to plant all year round. We have less than 20 giant millers while Thailand has over a thousand. So tell me how our local farmers and millers can compete with those foreign who even have access to cheaper, reliable power, roads, security and some even have commodity exchange which makes selling off their goods easy.
I'm not saying we shouldn't import but we have to make sure we protect our local industries too.
Allowing flooding or dumping of goods will kill our local markets.
That's what killed our refineries and textile industry too

Againstallodds:
Expect dollar to dip in the coming days

Where did you learn Your economics from? Rather than dip, expect dollar to go higher as there will be more pressure on forex that's not there in the first place.

Something that was not good in 2015 is now good in 2023 after you people have destroyed the country with your useless policy.

We are not moved by your fake promise can we ever buy rice again for 10,000 or cement 1,500.
You people stop subsidy in 2012 during GEJ 87 now you're selling the same fuel N700 plus
Rice 6000 now 54,000
Cement 1400 in 2015 now 5,000
See you people have over the years destroyed this country.

We are not asking too much from you, just return us back to where you took over from. As it's the worst of PDP in 2015 is better than the best of APC, people can no longer feed please 🙏 allowed the poor to breath.

grandstar:


I have always been a firm believer in in free trade. It is not an APC thing.

Are imports bad for a country? No. On the contrary, they are very good.

They generate wealth and prosperity.

Let us just take a look at a few imports for example: wheat, rice and cars

Wheat imports probably create over a million jobs. The flour it produces is a by product in the production of many edibles.

Likewise rice. I am sure if you check the rice value chain, it too probably provides livelihood for over a million people that is if the federal government did not pursue the senseless rice sufficiency policy.

Let us look at Tokunbo cars. Directly and indirectly, it may provide a livelihood for over a million people. I know ten people who are car dealers. I can not mention a single person who works for a local car manufacturer.

The importation of many finished goods produce wealth as well. We just want to live in denial. Imagine a businessman borrows N20m to import wigs. He sells those wigs and makes a profit of N10m. He does this 4 times in a year. That is 40m. Will he not lodge this money in a bank. Will the bank not lend out this money? Will the businessman not hire workers? Will he not rent a warehouse?

The businessman will buy a car, send his kids to school, build a house and so on. Imports aren't bad for you but very good.

I can just imagine if there was zero % import duty on steel, textile fabrics and many other products. No duties on steel will be a blessing on the small and medium scale industries. Small scale tailors would enjoy a boon and I won't be surprised if Nigeria starts producing garments for exports to neighbouring countries.

The greatest benefit of liberalizing trade is that it would compel the country to focus attention on areas it has comparative advantage. Nigeria has no business in trying to be self sufficient in rice production because it has no comparative advantage in its production.

If the resources expended on Nigeria on rice was focused on commodities the country has comparative advantage, I won't be surprised if each state would add $100m to its exports. Nigeria produces 100,000mt of cashew while Cambodia's with about 16.6m people produces 700,000mt.

Nigeria has the capacity to export $2bn worth of shea butter. Sesame seed is another money spinner. The country is throwing these opportunities away

You miss the point totally
Your earlier stand was that the govt should cut corporate taxes as this will increase jobs and improve industrial outputs.
Importation does not increase jobs and certainly not industrial outputs, especially import of finished goods which is what the restrictions was about in the first place.
Your mistake in the examples you gave above is that you're not looking at the whole value chain. Wheat for example. Your claim that it provides jobs for the importers as well as the bakers and other users is correct. But what about the Wheat farmer? What happens to our sorghum and millet which were being touted as substitutes in time past?
Same with cars. While that of cars is understood since we lack the requisite technology, your thinking that car dealership is a veritable tool of job creation compared to manufacturing is again off the mark.
My point however, is that you always seem to applaud every step govt takes even if it negates your earlier stand until it bursts and then you merry- go- round. That's the stock-in-trade of apologists

Blue3k:
Time to start importing Cheap beef and cement.

With dollar above 1000/ naira

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.

The bold part is too hostile.just like you wake up and say fuel subsidy is gone without understanding the serious implications. You will hurt the economy badly if that is done. You are looking at fighting inflation but don't know there are a lot of indices also interconnected which you have to consider. It's like a snake enters your house and you want to kill it then you lock the entire house no one goes in no one comes out. You have achieved nothing. Macro economic problems needs deep thinking bc any wrong step taken with make the people suffer and that is what we are seeing in this admin. That is the reason during election you are not supposed to allow anyhow person to grab it by force and runaway with it like what happened to this country early this year.

I think with the lift of ban on this items will reduce the inflation rate but what of dollars that quickly rise everyday

Gainman:
u dey craze. So u happy dat rice mills spring up. Does dat solve d people's suffering. See Wetin u dey talk. Nah rice mills be your priority. How many rice they don mill. What is d current price of local rice. Leave Thailand to supply substandard rice. Dat substandard rice is better than dat local rice 100 times. Wicked people.

you are sick , don't worry when you start to buy a bucket of rice with wheel barrow of money your eyes will be clear, continue creating jobs for other economy...lazy mofo

melodyogonna:

It'll help with inflation

..how will it help... explain

Dollar price is still going up ..

1053 naira this morning... rubbish

frog12:
these CBN guys and their big languages is just annoying

Very annoying indeed

All politicians and importers will be in jail.
The CBN failed again.

Total ban on importation of goods.

Low interest loan on start up tech company.
This will improve the naira to USD rate

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.

APC has destroyed Nigeria!

okewumi:


You get sense. Anytime government ban importation, the local producer shut up the price because of greedynes.
Immediately obasanjo baned importation of egg, the price jumps from #80 per create to #900.

When Buhari banned rice. The price went up from 12k to #30k . I went to Adani in enugu and two modu of rice which is equivalent to 50kg was around #14k but because of greedynes they sell in city around 32k. Nigeria is complex. Whatever it will make life better for masses should be introduced

There is no properly functioning agency for consumer protection. The playing field is open for everyone to enter and set their own rules. It's a very lawless country, this one!

happney65:


Boost local production by fixing power. That is the major thing. Boost local production. There cannot be any production if power isn't fixed

2. Bureau De change cannot be banned. It is a source of livelihood for some. In essence black markets cannot be totally banned as there are black markets around the world. Banning them will make things worst as people will go there to get their dollar..

I think any international payments coming into Nigeria should be paid in dollar. Domiciliary accounts should be easier to open.
Western Union,MoneyGram and the likes should pay out too in foreign currencies. You should choose the option of either being paid in Naira or Dollar, If we can get over the counter, the rate will fall. The scarcity is what is making it hard and getting more expensive.

But first of all. We should increase our productivity. We should start exporting. We are not exporting at all. When we do our currency will have a little bit more value. But before we can do that,we should fix Power. That is what Obi was telling una,yet we use ethnic and tribal sentiments take do am

Shuke

Buhari left power that was more important, to take loans for white elephant train project that hasn't yielded anything significant to the economy. The beautiful thing was that he had supporters, and they are the same ones cheering this present government of ineptitude on.

emmyN:


Buhari left power that was more important, to take loans for white elephant train project that hasn't yielded anything significant to the economy. The beautiful thing was that he had supporters, and they are the same ones cheering this present government of ineptitude on.

Thank you o..Finally someone is seeing it from my angle. The trains are just white elephant projects. In a very poor country like ours. He should have asked the private to do it not this one government is running around looking for loans we can't even pay.

99.999999 percent of Nigerians won't board that train till they die so what the essence? What?

He left power undo and worst than he meet it. Look at us now

Algold:


How do you source for dollars in foreign countries? Is it not at point of entry if need be at a certain amount. Why must we have bureau de change everywhere. they are the richest in the country. How do they make there Money at the expense of the Naira.

That is exactly what am saying. But the government will never ban them. The politicians are just deceiving the people. Only the truth will set us free.

BDC is operated mostly by Northerners. So what do you expect. And the politicians also are part of the business. How do they get the dollar they throw around?