I remember when Reno kept attacking peter obi calling him a trader telling his gullible followers that obi will lift the ban on importation in favour of his kinsmen to destroy Nigerian economy

Againstallodds:
Expect dollar to dip in the coming days

Please explain the mechanism by which it will occur.

Babangidapikin:
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 .

What have we achieve since 2015 the bank kick off?

People will now get dollar to import the likes of beef and rice, the local sellers have been giving time to grow and compete.

Blue3k:
Time to start importing Cheap beef and cement.

No be Wetin you they buy you go sell cost money cost market cost comdity

Hopefully things will improve

no one is complaining about the items. tinubu is just serving agenda of west

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?

Reference:
'....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.

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

Againstallodds:
Expect dollar to dip in the coming days

I have mixed feelings about this.

This is a purely experimental approach. They want to remove those import restrictions on those items to see if the entrance of more importers into the market will compel those hoarding FX to push the dollars back into the system.

Also, those items have been on restrictions for years now, yet they're somehow finding their way into the country and to the local markets. Means importers are still smuggling them in. So why not give them the freedom to import so to see if it unties speculative knots around the FX windows?!

Even if this is to ease pressure on the naira, it will be minimal and not immediate, say from next year.

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.

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

Paraman:
What have we achieve since 2015 the bank kick off?

People will now get dollar to import the likes of beef and rice, the local sellers have been giving time to grow and compete.

At least there was more rice mill spring up , before the looted the Anchor Borrower fund , now Thailand would be happy , they can flood our economy with substandard rice ..

frog12:
why?
the country has been doing ok with the ban.

What do you mean by this?

Do you know how expensive this banned stuff have become since 2015?

Rice and beef that were not so expensive in 2015 have become very expensive.

As long as importation is more than exportation, nothing will happen. Also lift restrictions by bank on naira cards.

Dip what? Abi it will gain. Would I be the one to provide forex for the previously banned items?

Againstallodds:
Expect dollar to dip in the coming days

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.

guess work i suspect. flip-flop, trial and error

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.

In addition to what you wrote up there.. I still can't make sense of banks requesting for their customer to go and buy dollar from BDC and come back and deposit that dollar in the bank so the customer can pay their supplier in China or pay their kids tuition fee abroad.

It is not like the banks will send the actual cash to bank of China or the university abroad.

We know what's right in this country but will not do it!!

Incredible128:
Dip what? Abi it will gain. Would I be the one to provide forex for the previously banned items?

may not gain if many people are allowed to source for it from other channels

frog12:
no one is complaining about the items. tinubu is just serving agenda of west

South West of Nigeria or Southern World

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

Paraman:
What do you mean by this?

Do you know how expensive this banned stuff have become since 2015?

Rice and beef that were not so expensive in 2015 have become very expensive.

Emilokan in his first address to the nation as a selected president yanked off fuel subsidy without measures to ameliorate its negative impacts being put in place.How do you expect a smooth ride when cart is put before the horse?

Plenty talk

west: america, europe
and i used think you were smart

Abujaexpress:
South West of Nigeria or Southern World

Long overdue. The level of hardship imposed on this nation by Emiefula Godwin is unimaginable.

Emiefula need to be handed over to those terrorists in Sambisa ,for them to do the needful. He caused everything to skyrocket in price through foolish ban he imposed.

Anytime we get the type of Emiefula, we hand over to bokoharam. We can convert the terrors of those terrorists to something useful. Emiefula

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

fool, those items have been banned for 9yrs, instead local market Decides to choke nigerians making the price skyrockets everymarket days.
How can imported rice and cement be cheaper than local ones.

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

People are crying on the street cause of how things are becoming expensive or don't you live in Nigeria?

A lot of families are not feeding well, we can't continue this way.

People are not feeding well

fool. how can local produce be cheaper than imported ones? one imported tomato in VI is N3000, but local ones maybe N50.
what would you gain lifting the ban again
please tell us !

ORIENTATION101:
fool, those items have been banned for 9yrs, instead local market Decides to choke nigerians making the price skyrockets everymarket days.
How can imported rice and cement be cheaper than local ones.

Which channels? Shey those channels are not existing now that the currency is going up?forget long talk

qtx:

may not gain if many people are allowed to source for it from other channels

frog12:
fool. what would you gain lifting the ban again
please tell us !

Fall in price of does goods

Foodstuffs have become extremely expensive

E be like say Dem wan tell us another story again ooo

Ban the use of dollar in Nigeria

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?

That's same question am asking.
Since the ban on this product over the years, I expected Nigerians and business men to take advantage. But no.

No matter the policy this government introduce, enemies of progress will still complain.

They derive joy seeing things get worse so they can criticise and abuse tinubu. So let the ban be lifted so this things can come in cheap

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.

Paraman:
Fall in price of does goods

Foodstuffs have become extremely expensive

frog12:
fool. what would you gain lifting the ban again
please tell us !

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.