'....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....'


Now it is up to the government to ask why these items are still being imported enmasse and what they are doing to ensure Nigeria is self sufficient in these.

That is real programs with timelines for delivery.
That intent in itself will send positive signals to the markets.
That is what governance is all about.

Roll out a Marshal plan.
Get the major industrialists on board and sit them down in Aso Rock until they are sick and tired of seeing Mr. President's face and hearing his threats.

Trial and error economics.

A very nice development

Hmm.

So at last the same government encourages importation? So that is what “my team and I” has ended up promoting?

Wetin we no go see sef?

Good move if well implemented and monitored.

The DMBs should ensure strict compliance devoid of sabotage and we will be good I guess.

CBN should ban use of dollars in Nigeria

Policy summersaults all the time... Bandits too no help matters ... Intervention is good in the fx market but lifting of bans for fx on goods limited should be temporary .. Obviously we don't have an Economic team except they have no clue what they are doing...just getting wingle by emotions .

oneclickng:
Nothing will still happen

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.

Hmmm

oneclickng:
Nothing will still happen

something has to happen,we are at an edge of serious crisis like the Zimbabwe scenario.

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

/.

What government policy do you expect? Not when they are constantly drawing down external reserves.
No tactics. No plan. No strategy. Just on cruise control and hoping that nothing catastrophic happens in the global arena. Nigeria has administrators not leaders.

/

Suffering in the land!
Many are dying out of abject poverty in Nigeria.

Too many beggars from the North all over the South. No education, no skill.

Againstallodds:
Expect dollar to dip in the coming days

And go up again in the coming weeks

oneclickng:
Nothing will still happen

I can't just stop laughing

why?
the country has been doing ok with the ban.

Drickstore:
A very nice development

Agbadonomics and cassava commodification in play.

Kpartners:

And go up again in the coming weeks

I will buy the dip and keep

creativehubb:
CBN should ban use of dollars in Nigeria

This should be the real deal

Ban use of dollars

Useless APC government just want to cause panic selling like they did last month

The ship has sailed already

Long need move, kudos

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.

How is encouraging imports beneficial?

mikeapollo:



After destroying the naira with a useless ''floating market'' exchange rate ?
A very clueless and incompetent government.

I have never seen this type of government; very very useless and clueless government.

This policy of front and back have never helped us

oneclickng:
Nothing will still happen

Absolutely nothing... Nor be by lengthy and bogus grammar.

Day just break abi
I never imagined any mortal can beat Buhari"s WOEFUL records! 😕

ShootThemAll:
Confused APC, going back and forth no direction...

No, they are not confused. You either did not read the article or you have a low comprehension capacity.

chisomkachy:
.

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.[/i]

[i]Other items include

Allowing importers to access FX for this purpose will return pressure on already scarce FX.
Why can't we focus on solving this mono economy challenge?
Cbn should review this plan

Brushstrokes20:
Day just break abi
I never imagined any mortal can beat Buhari"s WOEFUL records! 😕

🤣🤣🤣🤣 I believe this is a good step. Nigerians will focus on local production now.

Againstallodds:
Expect dollar to dip in the coming days

Agbadonomics.

You all will receive what you ordered for. Shebi una dey shout Ebola and APC up and down because of tribal and religious sentiments.

One very good thing about President Tinubu is that he is a listening person. If policies are not okay and the people cry, he listens and takes action

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

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