Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / NewStats: 3,165,322 members, 7,860,770 topics. Date: Friday, 14 June 2024 at 03:58 PM |
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)
(1) (2) (3) (4) (5) (6) (7) (8) (9) (Reply) (Go Down)
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Blue3k(m): 7:53pm On Oct 12, 2023 |
Teenaira: If you make these sort of goods expensive you kill other valuable jobs. By making cement expensive to protect the manufacturers you hurt home builders. That's one less potential project. If you do the same for foods, you get a higher price floor for food. This means less saving and investment. As you know, Nigeria has a positive trads balance most years. Nigerians know what they're efficient at producing they export those goods and don't import certain others. 3 Likes |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by CodeTemplar: 7:53pm On Oct 12, 2023 |
melodyogonna:America has been stylishly restricting inflow of superior palm oil, how many have they exported? |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by melodyogonna(m): 7:54pm On Oct 12, 2023 |
Teenaira:It's a free market. If there is market for substandard product then substandard products will thrive, it simply means you have people that can't afford better and if you takeaway the market they'll have nothing. If they have better opportunities they'll go for more quality things thereby killing the substandard market, simple economics. 2 Likes |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by melodyogonna(m): 7:55pm On Oct 12, 2023 |
CodeTemplar:Why have they been restricting the inflow? And why are they restricting it rather than outrightly banning it? |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by seborrhic: 7:55pm On Oct 12, 2023 |
ORIENTATION101:It's a paradox of the Nigerian economy that that monumental disaster,Buhari unleashed with Emefiele,a willing fo ol of a tool. With cost of shipping from long distances,custom tax to be paid in exporting countries and Nigeria,yet local rice and other products that didn't pay these costs and with even lower labour cost,was getting costlier than imported items! 2 Likes |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by frog12: 7:56pm On Oct 12, 2023 |
well when they neglect the economy, what do you think will happen melodyogonna: |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by onatisi(m): 7:56pm On Oct 12, 2023 |
all these policy jargons will not stop the naira from dropping even further , we don't need any elaborate policy think tank the problem is as simple as abc, no need for any rocket science solution. the problem is our economy is purely import and there is no dollars to sustain our importation, govt simply does not have any fx enough. the basic solution should be how to improve our local production and reduce our importation. chikena 2 Likes |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by melodyogonna(m): 7:58pm On Oct 12, 2023 |
okewumi:It is not greed, it's simple supply and demand. The reason for expensive products is lack of scale, and to scale you need to increase manufacturing capacity. If prices shot up and the supply is no longer matching demand, to fix that you need to increase production capacity. If you think it's greed you need to go back to school and learn simple economics 1 Like |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by SocialJustice: 8:00pm On Oct 12, 2023 |
ORIENTATION101:Why do I feel dangote and his cohorts are about to experience their biggest business challenge. |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by melodyogonna(m): 8:00pm On Oct 12, 2023 |
frog12:This is one of the best economic decisions I have seen in some time. This, along with floating the Naira and removing subsidy. This will have an effect on the economy in a month or two, it should fix the supply side of many things 1 Like |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Truthshotcrazy: 8:03pm On Oct 12, 2023 |
RICE 1 Like |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by melodyogonna(m): 8:04pm On Oct 12, 2023 |
Againstallodds:I think people really overestimate how important dollar is. The price of dollar is not really that important to the average person so far the price of things are low in their local currency. In fact as a low economy export nation you want your currency value to be low so you can attract buyers. 4 Likes |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by 064cl: 8:05pm On Oct 12, 2023 |
Youths can't be encouraged in this country let's keep waiting to import everything.. Useless decisions.. Useless govt. |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by BreconHills(m): 8:09pm On Oct 12, 2023 |
AngelicBeing: It's not a matter of good government policy. Its a situation of elastic demand vs a fixed and limited supply of fx. There is nothing anyone can do in the short term. If Nigerias reserves were in the USD60bn range, the Naira/USD would be in the 400-500 range. Long term we must have import substitution and that will be driven by power distribution. No country can develop a manufacturing base without adequate power. I hope that the government will ignore the short term noise and deal with the fundamental issues instead of borrowing against the future. 1 Like |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by grandstar(m): 8:11pm On Oct 12, 2023 |
CodeTemplar: Why are you never civilized when replying? A good policy is a good policy even if has initial impact seems negative. 3 Likes |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Adolfnigeria: 8:13pm On Oct 12, 2023 |
This is not good news for manufacturers in Nigeria. This policy can only work if the CBN merges the rate in the I$E with the rate on the parallel market . If the CBN does not do this, then this will effectively be a subsidization of importation. And will bring short term benefits such as lower prices in rice, cement and the other items in the list - depending on effectiveness of the CB supplying the I& E. I n the long-term, the manufacturing, with subsidization of FX, the last remaining manufacturing and value chains for rice, cement etc. will be destroyed. Precedent of this is the destruction of the textile industry. Production of rice in India is far cheaper than in Nigeria, in fact its cheaper to import than produce in Nigeria. Corruption is Nigeria's problem, and considering the negative impact of subsidizing FX for importers - I am not in support of this policy. Short term gains and long-term pain. WE need a strong manufacturing base and for me government should be looking for ways to subsidize input to cost of manufacturing e.g., subsidizing diesel. 6 Likes 1 Share |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Fearyourcreator: 8:15pm On Oct 12, 2023 |
frog12:You Sabi na here you dey ... dey play giDi gan |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Kukutente23: 8:17pm On Oct 12, 2023 |
APC is the most confused political party in world history They just keep going round in circles 2015 you banned imports and restricted forex in a bid to protect the local economy and defend the naira 2023, they first float the naira thus contradicting defending the naira now removing import restrictions Meanwhile, the effects of the former policies are yet to abate for a party that claimed 218 to a dollar was bad APC know nothing about governance. They are just a power grabbing machine 1 Like |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Swiftgrp: 8:17pm On Oct 12, 2023 |
Lanruze:You largely made valid points here. However, Beirut in Lebanon is not an oil producing area, neither is the larger Lebanon and there has been a severe weakening of the Lebanese currency and capital flight, Second, Bonny light is drilled around Bonny island in Rivers State while Escravos is driilled in the Ugborodu (formerly named Escravos) area in Itsekiriland, Delta State. |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by themanderon: 8:17pm On Oct 12, 2023 |
Float the naira, don't float the naira. Remove subsidy but surreptitiously return it. A confused government is what we have. 1 Like |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by millhouse: 8:18pm On Oct 12, 2023 |
Againstallodds:lol deep to where ? |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Kukutente23: 8:18pm On Oct 12, 2023 |
Adolfnigeria:Spot on |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by BarrElChapo(m): 8:19pm On Oct 12, 2023 |
Coronavirus1: That’ll be a huge relief ooo |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by 1972xy: 8:20pm On Oct 12, 2023 |
Restricted items should remained banned. Tokunbo spare part should be banned Used fridge and air conditioner should be banned. Used tires and used cars should be banned. Food should be banned. We should plant our food. If we are really serious as a Nation. |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Adolfnigeria: 8:20pm On Oct 12, 2023 |
I see a lot of un-educated likes and shares. Dollar will not drop. The CBN does not have the reserves to support all the demand of these 43 items at the I& E window. You would most likely see the I & E rate drop to the rate in the parrallel market. Cost of production in Nigeria is one of the highest in the world. Production of rice in india is far cheaper than in Nigeria. The farmers of rice and producers will suffer. Just the way our textile industry collapsed, expect this in rice sector. Producers of all the items on this list, in Nigeria, will most likely be put out of business. Short term gain long term pain. Againstallodds: 1 Like |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by nedekid: 8:21pm On Oct 12, 2023 |
Againstallodds:lets be optimistic. We have no option. Hopefully your prediction works. Just that naija does not have a history of what goes up comming down. 1 Like |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by millhouse: 8:21pm On Oct 12, 2023 |
Kpartners:you Dey answer am . Lol … the ones wey them no ban before , them Dey see FX to give them and you want to add 43 new item applicants . Make them fix supply side first . 1 Like 1 Share |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by SirLakes: 8:21pm On Oct 12, 2023 |
Jokers |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Solidex(m): 8:26pm On Oct 12, 2023 |
I do not understand where this goveremt is really driving at? From my knowledged of elementary economics, I used to knw that government policies that encourages importation would most likely cause scarcity of foreign exchange. we are already grapling with FX scarcity and all the government could come up with is to lift ban on importation of items that were previously classified as produceble in our local economy. Even the dumbest layman should be able to predict the outcome of this policy. What has Nigerians gotten thereselves into by electing these clowns to preside over our national affairs. We are in a very hot soap, I have a bad feeling that the worse is yet to come, we should expect more hardship in the nearest future. What we need is a more robust interventions that will stand the test of time and not this wuruwuru economic policies. I am so ashamed of this regime. 2 Likes 2 Shares |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by biina: 8:29pm On Oct 12, 2023 |
The level of mumu in this country Items were banned to reduce the demand for forex, but even with the current disaster we call exchange rate, CBN wants to make things worse 1 Like 1 Share |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Mustack: 8:30pm On Oct 12, 2023 |
Againstallodds: Dollar to drop abi? |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Bbbwings: 8:32pm On Oct 12, 2023 |
|
(1) (2) (3) (4) (5) (6) (7) (8) (9) (Reply)
Golden Bridge Grant, Is It Real? / Naira Swap: Customers Cook And Eat Noodle At GTBank In Aba (Video, Pictures) / Billionaire Tony Elumelu Spends Quality Christmas Time With His Children At Home
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 64 |