₦airaland Forum

G.A

The foreign currency earned are spent mainly to fund oil importers and religious tourists. Just imagine how the naira will appreciate if we stop importing oil and funding pilgrims for instance?

People should demand change that was promised and call them to order where they try to play politics with our economic destiny.

"In order to beef up the fast depleting external reserves, the Central Bank of Nigeria on Tuesday stopped the sales of foreign exchange to importers of rice, private jets, textiles, tomato paste, poultry products and 35 other times.

The CBN, in a circular dated June 23, 2015, stated that the implementation of the policy would help to conserve foreign reserves and facilitate the resuscitation of domestic industries as well as generate employment.

The circular, which was signed by the Director, Trade and Exchange, CBN, Mr. Olakanmi Gbadamosi, stated that it was imperative to exclude importers of some goods and services from accessing foreign exchange at the Nigerian foreign exchange market in order to encourage local production of the items.

“For the avoidance of doubt, please note that the importation of these items are not banned, thus importers desirous of importing these items shall do so using their funds without any recourse to the Nigerian foreign exchange market.”

The list of 40 items include cement, margarine, palm kernel, vegetable oil, poultry products (chicken, eggs and turkey), Indian incense, tinned fish in sauce (Geisha, Sardines), cold rolled steel sheets, galvanized steel, roofing sheets, wheelbarrows, head pans, metal boxes and containers, and enamelware.

Others are steel drum, steel pipes, wire mesh, steel nails, wire rods, security wire, wood particle and board, wood fibre boards and panel, plywood board and panel, wooden doors, toothpicks, glass and glassware, kitchen utensils, tableware, tiles and wooden fabrics, plastic and rubber products, and soap and cosmetics."

QUESTIONS TO ASK THESE WISEACRES:-

1. Do we have the capacity to produce alternatives in a very short period to sustain domestic business in the sectors affected?

2. Do we have comparative advantage in producing raw materials when we obviously don't have the technology or the manpower and the electricity to produce at a cheaper rate?

3. The industries affected with this policy will either close shops thereby causing massive un-employment or they will have to depend on the black market to source for their almighty dollars to survive, any wonder dollar is now headed to 250 ? it was 160 before these people took over o ! are these people that heartless?

4. Why then is CBN providing dollars at a subsidized rate of 160 to religious tourists, a venture which has zero economic import to the country. If 500,000 people explore this in a year and they utilize an average of $10,000 per person, you guys would be providing $5 billion from the so-called reserve that you claim you are trying to protect! is there wisdom in this?

5. President Buhari, why is this man (CBN CZAR) still in power? or shall I say, Mr President, can you really bring the much needed change ?

6. Why are Nigerians not talking, shouting or protesting?

7. Why was I born in this devilish, hypocritical and clueless country?

8. WHY! WHY!! WHY!!!

NOTE:- Until we re-engineer our educational system and change our taste for foreign goods via moral suation, this country is going no where. Read the handwriting on the wall.

VINZ

Good people of nairaland, I will highly appreciate it if there is someone here who can help my brother to secure an offshore job in the oil and gas industry.

My brother, an engineer by training is highly qualified but he doesn't know anybody for contacts except God. He has double Masters degrees and several certifications relevant to offshore jobs in the oil industry. The politics in TOTAL left him un-employed even as a marginalized staff of a TOTAL contractor, a job he got some years back based on merit.

Right now, he needs to get something doing so that his family and those that he helps will not suffer. He is willing to compensate the good Samaritan that can provide the link once the job is secured.

If you have the contacts and it is placed in your heart to help, kindly mail me so that I can forward his CV to you asap.

Your help(links) can actually bring succor to this family man.

Thanks.


E-mail to :- vincehayes123@yahoo.com

g.a nls

Hello

good evening .

hi people.

hi nls

b

hello

good one

hmmm!

Yes, shame on them. This is so bad. The czar at CBN obviously wants to enrich some people. If you have about N40 gap between official and parallel exchange rate, ROUND TRIPING will be the order of the day.

$1 billion will create a N40 billion largess for these enemies of the economy if recycled. Yet, we the citizens have to bear the brunt in form of higher cost of living as we are highly foreign goods dependent. And it appears Emefiele is not even interested in checkmating this economic coup against the Nigerian people.

WHICH WAY NIGERIA?

good evening

waiting

hello nls

hi

hello nl