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Nairaland Forum / Nairaland / General / Business / CBN To Intervene In Forex Market, Lifts Ban On 43 Items (44931 Views)
Currency Redesign, 43 Items, Naira Floatโฆ Major Policies Of CBN In 2023 / What You Need To Know About CBNโs Lifting Forex Restriction On 43 Items / CBN Reiterates Stance On FX Access, โstatus Quo Remains On 43 Non-eligible items (2) (3) (4)
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Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Brownbetsport24: 6:36pm On Oct 12, 2023 |
Economist should help explain the impact of this policy on the present gazalisation things. |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by NinjaMetahuman: 6:36pm On Oct 12, 2023 |
Algold:hoarding dollar is not the problem of Naira. It's is the scarcity of dollars. Just like hoarding petrol is not the cause of fuel scarcity but the lack of it. If you hoard petrol and NNPC floods the market with petrol, the scarcity will end. Just like if you hoard dollars and government floods the market with enough dollars at favorable rate, your hoarded dollars will be useless if you don't sell. If government is earning enough dollars from crude oil and natural resources without giving them out again to petroleum marketters to import fuel into the country, there will be enough dollars for everyone that needs it and no one has to hoard. Although I agree that the school requesting people to pay in dollars in Nigeria should be banned cos that would lead to the dollarization of the economy, but Banning this and that without addressing the root of the problem is just moving round in circle. 14 Likes 2 Shares |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by frog12: 6:37pm On Oct 12, 2023 |
well maybe you have a point here, but i don't know if those importers are responsible for the high black market rate. let's watch. ORIENTATION101: |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Allisgud: 6:38pm On Oct 12, 2023 |
Always putting the cart before the horse,instead of making local production of all this ban item surplus before banning,if only this will affect them he for better |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Paraman: 6:40pm On Oct 12, 2023 |
frog12:No one is asking for local produce to be cheaper than imported ones But the way local produce has been rising is insane. People are suffering o because of the extremely expensive foodstuffs. If we can't produce enough to feed ourselves for now then let's import to fill the gap Local farmers have been giving enough time to grow and compete against importers 4 Likes |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Corrections: 6:40pm On Oct 12, 2023 |
Abujaexpress: Impact ke Corruption killed the impact. You know what? The same corruption will kill the supposed impact on the new policy. See I will keep saying it that until they kill corruption ( a deadly virus ) no expert economy policy will safe Nigeria. |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by melodyogonna(m): 6:44pm On Oct 12, 2023 |
Nice!! This was one of the hammer blows Buhari gave to Nigeria 1 Like |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by tnerro1(m): 6:45pm On Oct 12, 2023 |
What of the 3 billion dollars borrowed the last time to sanitize the market, e don enter voice mail ba๐๐๐๐๐ |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by frog12: 6:46pm On Oct 12, 2023 |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by ORIENTATION101: 6:47pm On Oct 12, 2023 |
frog12:the importers needs to source forex from blackmarket to import those items on ban list. It is shrinking cbn trade volume while black market is the destination of substantial amount of the forex coming in and out. No point holding on to the ban especially when cbn trade volume is shrinking. And inflation is on high side. Local manufacturers re greedy idiots. Instead of carrying nigerian. Forex to benin republic to import food and pay tax to their govt at the expense of nigeria economy. Kuku allow them to import from nigeria directly through official channel then masses reap crash prices in foodstuff and govt forex trade volume and tax increases 12 Likes |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Alliswell248: 6:48pm On Oct 12, 2023 |
Lovenorth: I know this is beyond your brain to understand. You can't forge what you have. The school never said he forged his result. Anyway....8.7 millions Nigerians believed in the 'forger' than the olodo who could not pass English, economic, maths, and even government at o levels. Who is he going to rule ? Jokers 5 Likes |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Againstallodds: 6:48pm On Oct 12, 2023 |
stagger:cbn will inject more dollars in the market. So I expect |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Zooposki(f): 6:51pm On Oct 12, 2023 |
Algold: What if you still want to reinvest those dollars abroad to get more dollars, how would that work? |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by steeltrust: 6:53pm On Oct 12, 2023 |
I go change money which day here Aboki say dollar go fall I laugh ๐ I tell am say dollar go continue to rise Aboki ask me why I talk like that I tell say because the people In charge re incompetent Have you ever seen where a thieves Drug barons Wicked and selfish people are in power You expect any good thing to come out ? I laugh ona when de get hope for this govt In the next 8years of tinubu govt Dollar go reach 3000 to 5000 to a dollar Just de watch 1 Like |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by frog12: 6:54pm On Oct 12, 2023 |
you have a point. if the importers are doing this on high volume. let's wait and see if it will work, since the cbn i&E window is cheaper. good for importers ORIENTATION101: |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by victorclean(f): 6:55pm On Oct 12, 2023 |
How is a bad idea Mr Muntura. Did you not hear that the food in Nigeria can not meet up with the millions of mouths it should feed. Making it survival of the fittest in cash. frog12: |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by LegacyB: 6:57pm On Oct 12, 2023 |
Algold:Honestly am wondering why we still have dorm account. People now store their money in dollars and export out of the country. This dollar scarcity is mostly artificial. Though the fact that we produce nothing is also a factor. 2 Likes |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Buharidgeneral: 6:57pm On Oct 12, 2023 |
Algold:You said it all. I was shocked when my children of pry 5 told me |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Lovenorth: 6:58pm On Oct 12, 2023 |
Alliswell248:One of the bigot spotted |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Alliswell248: 7:00pm On Oct 12, 2023 |
Lovenorth: Olodo following olodo.... Pass in English Pass in Government Pass in Maths Olodo ni Hoebi... |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by frog12: 7:01pm On Oct 12, 2023 |
lie. it seems cbn have a different objective here. hope it works. victorclean: |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by abibun: 7:02pm On Oct 12, 2023 |
You mean 2023 Dec, if nothing is done urgently before 2024 Dec, dollar would have been close to 5000 AngelicBeing: 1 Like |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Miles300: 7:02pm On Oct 12, 2023 |
I have been to almost 10 countries in Europe and exchange rate is the same at any regulated bureau u visit ...no black market whatsoever .... all this effort are futile if we do not face the fundamental and technical issues affecting the exchange rate ...so long as black market exist nothing will change 1 Like |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by henrimoto(m): 7:03pm On Oct 12, 2023 |
Beremx:..They will still use the excuse of high rate of Naira to Dollar exchange to hike the prices of these items when imported. 2 Likes |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by victorclean(f): 7:04pm On Oct 12, 2023 |
What type of objective?. Quite unfortunate most Nigeria don't trust the government. Every new policy is suspicious. To me ooo , you maybe right they may have ulterior motives. frog12: |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by gigfx: 7:04pm On Oct 12, 2023 |
Small small they will reverse all the stupid policy from FX to paying back subsidy, but the price of commodities will never reverse back. Shame. |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by osothermal(m): 7:05pm On Oct 12, 2023 |
May God continue to punish all Buhari's supporters especially the ones here |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by frog12: 7:06pm On Oct 12, 2023 |
read one of my responses. someone answered it. victorclean: |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Ishilove: 7:07pm On Oct 12, 2023 |
So more imports is the answer? |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by oneclickng: 7:10pm On Oct 12, 2023 |
okewumi:Bigot |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Acidosis(m): 7:12pm On Oct 12, 2023 |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Jahwinaboy(m): 7:12pm On Oct 12, 2023 |
frog12:And it's a worse idea to ban them since 2015 without promoting local production. This is better than our current situation. For instance, how come local rice is highly expensive? 5 Likes |
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