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Nairaland Forum / Nairaland / General / Business / CBN To Intervene In Forex Market, Lifts Ban On 43 Items (44932 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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Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by dennisworld1(m): 7:13pm On Oct 12, 2023 |
Ban the black market 1 Like |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Acidosis(m): 7:15pm On Oct 12, 2023 |
Algold: You cannot magically eliminate hoarding of dollars. Scarcity is the major reason people hoard products (e.g., petrol, dollar, food, water, etc.). To stop hoarding, stop scarcity. Simple as ABC. 3 Likes |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by kollyhaykon(m): 7:16pm On Oct 12, 2023 |
October 2024 you said? Even if care is not taken, it'll hit 1500 before this coming December. AngelicBeing: 1 Like |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by frog12: 7:18pm On Oct 12, 2023 |
local rice is more expensive than imported ones? then blame inflation Jahwinaboy: |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by prophetfire: 7:19pm On Oct 12, 2023 |
Againstallodds:How would this make dollar to dip? These are just confused people doing trial and error. Nigeria problem require long term approach by a corrupt free set of sound leaders. |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by grandstar(m): 7:19pm On Oct 12, 2023 |
This is fantastic news. This should boost business confidence. I hope it also reduces the differences in the official and black market tatws 2 Likes |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Teenaira: 7:22pm On Oct 12, 2023 |
Blue3k: It is okay to import things you can not produce or produce efficiently. However, if we make importation an all comers affairs, Nigeria will become a dumping ground for substandard products. Besides, each time we import we are employing somebody in the country we are importing from while we deny our people employment opportunities. |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by anungangampu: 7:22pm On Oct 12, 2023 |
Mrfeel:Lol' same is ppening now. |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by denitro(m): 7:25pm On Oct 12, 2023 |
Imagine if Obi was president! you would have seen NLC strikes, protests everything. People shouting that he is clueless. But with Tinubu everyone is quiet. Double standard....... 3 Likes |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Coronavirus1: 7:26pm On Oct 12, 2023 |
BarrElChapo:Yes that is the meaning 1 Like |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by 1gbdata: 7:27pm On Oct 12, 2023 |
Let's see how it goes |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Taich(m): 7:28pm On Oct 12, 2023 |
Againstallodds: The reverse is likely to be the case, previously importers of the said commodities source their fx from black market but now can source from CBN, remember CBN are low on FX. 1 Like |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Iagos: 7:31pm On Oct 12, 2023 |
Olukemioluwa:Yes 1 Like |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Iagos: 7:32pm On Oct 12, 2023 |
Beremx: It's useless. Imported goods will still be expensive due to Dollar to Naira rate 1 Like 1 Share |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Nice2023(m): 7:39pm On Oct 12, 2023 |
LifeDrama: During campaign,they told us that he doest sleep that he was always working round the clock. Now,the old is dreaming. |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by CodeTemplar: 7:41pm On Oct 12, 2023 |
AngelicBeing:The first sensible comment on the thread. Naira is going down with this foolish move. Only import substitution can save us. The leaders are so lazy they prefer steps that involves cheap directives and announcements than real life economics. 1 Like |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by seborrhic: 7:42pm On Oct 12, 2023 |
okewumi:It's terrible thought process. Unless you are not being affected by the economic situation,meaning you are a politician,yahoo yahoo or goverment employee getting money through fraudulent means;even if you detest Tinubu and feel he is another mistake,you just have to wish and pray things improve. So anyone that just wishes that every policy fails and things continue getting horrible just to prove Tinubu is a failure has a big life problem. 2 Likes |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by googi: 7:42pm On Oct 12, 2023 |
Another Free Market promoted by Structural Adjustment that ruined us, Devaluation that killed Zimbabwe currency and doing the same thing since 1972 hoping for a different result while Naira plummet from one Naira equal $1.50 US to where we are today: 1000.00 Naira to one dollar. It is confirmed fact that the British are still running this Country with invincible hands. Poor Africans v. selfish money launderers. They have plenty plenty Naira to waste. No wonder they hide it in sewage and burial ground until it ruts. Go back and start importing junks from abroad to kill local and budding industries. 1 Like |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Paraman: 7:43pm On Oct 12, 2023 |
henrimoto:They were getting dollar from the black market before, they will now be buying from the official channel which is cheaper than the black market |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Lanruze: 7:46pm On Oct 12, 2023 |
Adams Oshiomole opined and suggested that the CBN should have a composition of sound economists and not just ex-Bankers who were undertakers to liquidated Banks, he clearly had his fears on the depth of technical know how of the Helmsmen at the Apex Bank. The new CBN Governor-Mr. Cardoso had better been expressly cautioned on this very ill-advised route he is about to embark on. No country in history has ever stabilised its FX regime on imports. None ! The CBN Governor may adopt the following policies and suggestion immediately. 1, Monetary Policy should be objective and goal specific on Exports. The elementary knowledge of Economics is simple "the higher the export of finished good you have a comparative advantage, the higher the value of your currency". Oman,Kuwait and Saudi Arabia all have their currencies with higher exchange rate value than the US Dollar. These countries are mono-product economies. They produce derivates from crude oil. Fuel, DPK, Jet A1 etc. They have been able to expand their economies purely on its exploitation of crude oil and it's finished products. The Nigerian Fed. Govt. through NNPC owns 20% equity in Dangote Refinery. At full production of its installed output, Dangote Refinery has the capacity to push down the Nigerian FX rate by 30% in three (3) months if well articulated. The Bonny light crude oil from the Niger Delta region is one of the most sought after crude based purely on its low sulphur content and also low emission of carbon & harmful elements to the environment. As the Ukraine War persist, and the blockage by NATO of the Black Sea and the Cramerian border, The Global demand for our refined derivates including PMS is considerably high globally. Non-OPEC members have expressed interest before hand in our refined crude and its demand will push down the FX positions automatically. The embattled former Governor of the CBN Emefiele may have been corrupt but not stupid. Drive Exports of finished products intentionally through both intervention programs and articulated polices and watch the naira gain massive traction. 4 Likes |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by melodyogonna(m): 7:46pm On Oct 12, 2023 |
frog12:For one it's going to fix demand and supply. For another you can't float your currency while not having a free market. 1 Like |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by CodeTemplar: 7:46pm On Oct 12, 2023 |
grandstar:Olodo as usual. It will increase and send the Naira further down. Mark my words. More people will start looking for dollar to import and thus flood to forex market. As demand grows against limited supply of forex, seller will price it higher for the highest bidder to purchase. That will take us to N1500/$ faster. 4 Likes 1 Share |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Jevica: 7:46pm On Oct 12, 2023 |
Try and error continue. The star boy of Lagos is not finding things easy as predicted. Nigeria is not Lagos 2 Likes 1 Share |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by TrumpDonald2: 7:47pm On Oct 12, 2023 |
Algold: 😂 Ban Bureau De Change? In this Nigeria, that will never happen. Only the truth will set us free. 1 Like |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Benjosh123(m): 7:49pm On Oct 12, 2023 |
It's not working out because even we as individual is very wicked. We are evil. Wanting to make life difficult for one another. studycenter: 1 Like |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by CodeTemplar: 7:49pm On Oct 12, 2023 |
dennisworld1:Lol...that's like banning trade. Even anti Christ dare not do that. |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by melodyogonna(m): 7:50pm On Oct 12, 2023 |
Fryx:They have been banned for 8 years, how many tons did we export? Has the local produce been able to even meet local demand? 1 Like |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by ufotunang: 7:50pm On Oct 12, 2023 |
When you lift ban 43 items that means imoorters can now imoort those items into the country... that is increase in importation and reduction in exportation and production....than is more importation and less exportation and production of goods... which cannot solve the problem of the dollar rising and naira losing value.... nigeria to be a producing economy is the solution to all this problems 3 Likes 1 Share |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by CodeTemplar: 7:51pm On Oct 12, 2023 |
Jevica:idan has encountered idanwo and agbako. Lol 1 Like |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by melodyogonna(m): 7:52pm On Oct 12, 2023 |
ufotunang:It'll help with inflation |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Swiftgrp: 7:53pm On Oct 12, 2023 |
chisomkachy: |
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