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Nairaland Forum / Nairaland / General / Business / CBN To Intervene In Forex Market, Lifts Ban On 43 Items (44747 Views)
Currency Redesign, 43 Items, Naira Float… Major Policies Of CBN In 2023 / What You Need To Know About CBN’s Lifting Forex Restriction On 43 Items / CBN Reiterates Stance On FX Access, ‘status Quo Remains On 43 Non-eligible items (2) (3) (4)
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CBN To Intervene In Forex Market, Lifts Ban On 43 Items by chisomkachy: 5:22pm On Oct 12, 2023 |
CBN Restates Commitment To Boost Liquidity in FOREX Market 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. 22 Likes 3 Shares
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Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by oneclickng: 5:53pm On Oct 12, 2023 |
Nothing will still happen 67 Likes 11 Shares |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Siberia01(m): 5:53pm On Oct 12, 2023 |
hi |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Truthfulguy10: 5:53pm On Oct 12, 2023 |
Day don break for them 😂 🤡🤡🤡 32 Likes 5 Shares |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Againstallodds: 5:53pm On Oct 12, 2023 |
Expect dollar to dip in the coming days 42 Likes 5 Shares |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by ceejayluv(m): 5:53pm On Oct 12, 2023 |
Too late.... 9 Likes 1 Share |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by GanagiBitrus: 5:53pm On Oct 12, 2023 |
Ok. We'll sing their praises when we start seeing the positive effects. Na Seeing is Believing, we dey now for this country. 77 Likes 4 Shares |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by AngelicBeing: 5:53pm On Oct 12, 2023 |
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 13 Likes 1 Share |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by iHateFraudsters: 5:53pm On Oct 12, 2023 |
Ok good. |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by LifeDrama: 5:53pm On Oct 12, 2023 |
Tinubu busy doing nothing 62 Likes 4 Shares |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Runaway: 5:53pm On Oct 12, 2023 |
Good for them... |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by ikmontana(m): 5:53pm On Oct 12, 2023 |
lol 1 Like |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Triangles1(m): 5:53pm On Oct 12, 2023 |
We're watching. 1 Like |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Hollusilva28(m): 5:54pm On Oct 12, 2023 |
Rubbish system of Government + Rubbish President + Rubbish Ministers + Rubbish CBN policy + Rubbish Lawmakers + Rubbish Governors + Rubbish Commissioners + Rubbish Local Government chairmen = BEAST OF NO NATION 🇳🇬🇳🇬 33 Likes 1 Share |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by frog12: 5:54pm On Oct 12, 2023 |
these CBN guys and their big languages is just annoying 18 Likes 1 Share |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Lovenorth: 5:54pm On Oct 12, 2023 |
Expect the forger to fix the country at your own risk 31 Likes 3 Shares |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by BarrElChapo(m): 5:54pm On Oct 12, 2023 |
Does this mean that they can now be imported into the country 🤔 4 Likes |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by manitoba(m): 5:54pm On Oct 12, 2023 |
Let's see what the implications will be. |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by ShootThemAll(m): 5:54pm On Oct 12, 2023 |
Cornfused APC, going back and forth, no direction... 24 Likes |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by allanphash7(m): 5:54pm On Oct 12, 2023 |
We believe this will improve and impact the citizens God bless our Land God bless you God bless ME 12 Likes |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Elvis2kay: 5:55pm On Oct 12, 2023 |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by frog12: 5:55pm On Oct 12, 2023 |
it's a bad idea to lift the ban on 43 items . dullards 6 Likes |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Nbote(m): 5:55pm On Oct 12, 2023 |
The same CBN dat collected loan to fight the forex freefall 8 Likes |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Algold: 5:55pm On Oct 12, 2023 |
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. 57 Likes 4 Shares |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by yesloaded: 5:56pm On Oct 12, 2023 |
Day just break Theres no reason why dollar should sell for 1000naira 5 Likes |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Regie2bless: 5:56pm On Oct 12, 2023 |
chisomkachy:Tinubu is working, is this how to encourage industries in Nigeria 1 Like |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by studycenter: 5:56pm On Oct 12, 2023 |
The inflation really started after the ban on these commodities. I hope this can help the common man. I remember prior before the ban, 25kg Royal stallion rice was selling at N3,500 BUA got a hint of this and quickly adjusted its cement price. Other marketers/producers will follow suit by the time people start bringing in these foreign goods. But come to think of it, with this skyscraper forex, who'd import at that rate and expect to sell at a cheaper price than it is in the current market🤔 No policy has really brought us good in this country. They always go back to counter and come up with the worst. 35 Likes 1 Share |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Blue3k(m): 5:56pm On Oct 12, 2023 |
Time to start importing Cheap beef and cement. 13 Likes |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by mikeapollo: 5:56pm On Oct 12, 2023 |
chisomkachy: After destroying the naira with a useless ''floating market'' exchange rate ? A very clueless and incompetent government. 22 Likes |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Olukemioluwa: 5:56pm On Oct 12, 2023 |
Are they trying to say ban on importation of foreign rice have been lifted? 24 Likes 1 Share |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by forgiveness: 5:57pm On Oct 12, 2023 |
Rice 5 Likes |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Beremx(f): 5:57pm On Oct 12, 2023 |
I hope the price of rice, milk and sardine will come down 28 Likes |
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