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Nairaland Forum / Nairaland / General / Business / CBN To Intervene In Forex Market, Lifts Ban On 43 Items (44929 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 olusma23(m): 8:43pm On Oct 12, 2023 |
I might not have deep knowledge but what I know is that, Naira started losing its value from 197/$ when Buhari and Emefiele started to introduce their useless monetary policy and banning of many products. Has any of the local rice productions effective since they close border to it. 9 Likes |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by ozolity(m): 8:47pm On Oct 12, 2023 |
Khastro:They have been accessing forex for the purposes but, through the black market. Now the CBN wants to bring them to the main stream I and E window. This will reduce patronage on the parallel market and somehow bridge the gap between the black market and the official window. 4 Likes |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Kay25(m): 8:53pm On Oct 12, 2023 |
Hollusilva28:rubbish citizen like u 1 Like |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by BIEYA: 8:56pm On Oct 12, 2023 |
As early as it's best |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Adolfnigeria: 8:56pm On Oct 12, 2023 |
Chairman, for your information: Nigeria does not have competitive advantage in most productive sectors. Production of rice in India, thailand is like 50% cheaper than production in nigeria. Even with the restrictions, these items were still being imported. If the government subsidizes it, these same importers will make bastard money. Manufacturing will crash in the local market. ORIENTATION101: |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Kukutente23: 9:03pm On Oct 12, 2023 |
grandstar:How's it a good policy You're turning out to be an APC apologist You suggested cutting corporate taxes to improve jobs and industrial outputs Yet you're praising a govt who is opening the flood gates of importation which will kill local industries |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Vision101(m): 9:04pm On Oct 12, 2023 |
@mikeapollo After destroying the naira with a useless ''floating market'' exchange rate ? A very clueless and incompetent government. @me Your naira was over valued before. The rate you enjoyed back then was artificial. What do you export to earn fx? Only crude oil. Are you producing enough to meet your fx needs? No. |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Vision101(m): 9:09pm On Oct 12, 2023 |
@Beremx I hope the price of rice, milk and sardine will come down. @me It can't come down because the exchange rate is high. That's why they lifted the restriction. I know say na these ones you go ask. All these ajibo self 1 Like |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Beremx(f): 9:10pm On Oct 12, 2023 |
Vision101:na one chance we dey. Even importing rice from Seme border will be expensive because CFA is higher than naira 1 Like |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by CompuCart(m): 9:12pm On Oct 12, 2023 |
Algold: If only they'll adopt this policy,a week is more than enough for The Dollar to crash. But remember we are in a Democracy where people have the right not only to accumulate wealth but to keep it the way they want.You'll see litigation here and there and people will definitely challenge the decision even within the given Government they must be saboteurs. Secondly won't that drive the little investors that still remain, considering the fact that we are a consumer economy. 1 Like |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Itzlinda(f): 9:13pm On Oct 12, 2023 |
ORIENTATION101: Lol now that these are items are on restricted list dollar still scarce, what if they return then |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by gare(f): 9:15pm On Oct 12, 2023 |
chisomkachy: All this na just paper talk 😂😂 , how much dollars do we earn as a country a side that of oil which other services brings in dollars to the country? What we experience in the country is too many naira chasing few dollars, if that could be turned around then the Naira will have it's value back, all that you have stated above can not achieve that |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Gainman: 9:24pm On Oct 12, 2023 |
Fryx:nah wicked person u be. Is it because may be u dey produce local inferior commodity. As d ban on these items improve d economy? |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Gainman: 9:33pm On Oct 12, 2023 |
Babangidapikin:u dey craze. So u happy dat rice mills spring up. Does dat solve d people's suffering. See Wetin u dey talk. Nah rice mills be your priority. How many rice they don mill. What is d current price of local rice. Leave Thailand to supply substandard rice. Dat substandard rice is better than dat local rice 100 times. Wicked people. 7 Likes |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by LARRYOBRAIN(m): 9:43pm On Oct 12, 2023 |
Yes BarrElChapo: 1 Like |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Abujaexpress: 9:47pm On Oct 12, 2023 |
Corrections:You are on point |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Abujaexpress: 9:49pm On Oct 12, 2023 |
frog12:Smarter than you thought. Just trying to outsmart the smartest |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by grandstar(m): 10:16pm On Oct 12, 2023 |
Kukutente23: I have always been a firm believer in in free trade. It is not an APC thing. Are imports bad for a country? No. On the contrary, they are very good. They generate wealth and prosperity. Let us just take a look at a few imports for example: wheat, rice and cars Wheat imports probably create over a million jobs. The flour it produces is a by product in the production of many edibles. Likewise rice. I am sure if you check the rice value chain, it too probably provides livelihood for over a million people that is if the federal government did not pursue the senseless rice sufficiency policy. Let us look at Tokunbo cars. Directly and indirectly, it may provide a livelihood for over a million people. I know ten people who are car dealers. I can not mention a single person who works for a local car manufacturer. The importation of many finished goods produce wealth as well. We just want to live in denial. Imagine a businessman borrows N20m to import wigs. He sells those wigs and makes a profit of N10m. He does this 4 times in a year. That is 40m. Will he not lodge this money in a bank. Will the bank not lend out this money? Will the businessman not hire workers? Will he not rent a warehouse? The businessman will buy a car, send his kids to school, build a house and so on. Imports aren't bad for you but very good. I can just imagine if there was zero % import duty on steel, textile fabrics and many other products. No duties on steel will be a blessing on the small and medium scale industries. Small scale tailors would enjoy a boon and I won't be surprised if Nigeria starts producing garments for exports to neighbouring countries. The greatest benefit of liberalizing trade is that it would compel the country to focus attention on areas it has comparative advantage. Nigeria has no business in trying to be self sufficient in rice production because it has no comparative advantage in its production. If the resources expended on Nigeria on rice was focused on commodities the country has comparative advantage, I won't be surprised if each state would add $100m to its exports. Nigeria produces 100,000mt of cashew while Cambodia's with about 16.6m people produces 700,000mt. Nigeria has the capacity to export $2bn worth of shea butter. Sesame seed is another money spinner. The country is throwing these opportunities away 4 Likes |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by DD29: 10:44pm On Oct 12, 2023 |
We should not import tooth pick as a nation but we need rice plenty 😅 1 Like |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by YoshihideSuga: 10:46pm On Oct 12, 2023 |
Ofunaofu: Do this and the value of the naira further plummets. Ban leads to nowhere. 1 Like |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by YoshihideSuga: 10:49pm On Oct 12, 2023 |
okewumi: That's actually a normal thing to do. A ban on foreign items places a high demand on local producers. High demand and low supply = increased prices. |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by HNICEARTH: 10:50pm On Oct 12, 2023 |
Khastro: Not allowing them access to FX on this items led to capital flight. It is basically why black market FX thrives. Alot patronise black market fro FX for these items. That ban was one of the worst monetary policy ever. Immediately buhari introduced it in june 2015, dollar went up and we are here today. |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by HNICEARTH: 10:54pm On Oct 12, 2023 |
When peter obi said this, alot of Ronu and their godfather balablu including mockery were all mocking PO. That all he knows is container economics and only knows importation. But times solves all problem, and with patience the truth will always come to light
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Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Angelawhite(m): 10:56pm On Oct 12, 2023 |
Againstallodds: Yes. It will start dipping from 6:23 am tomorrow |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Algold: 11:06pm On Oct 12, 2023 |
Acidosis:Have you ever imagine the more the CBN released dollars it vanished with little or no effect. Bereau de change through the help of some commercial Banks are the problem of this country... Do you know that many importers have opened domiciliary accounts where they keep huge amount of dollars hoping to ripe the benefits when scarcity occurs. We need to look inward if we must moved forward |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Algold: 11:10pm On Oct 12, 2023 |
TrumpDonald2: How do you source for dollars in foreign countries? Is it not at point of entry if need be at a certain amount. Why must we have bureau de change everywhere. they are the richest in the country. How do they make there Money at the expense of the Naira. |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Algold: 11:14pm On Oct 12, 2023 |
Acidosis: The few dollars entry counrty are going into those that choose to hoard it for the reasons we all know. We should create robust and transparent financial system |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Algold: 11:15pm On Oct 12, 2023 |
Buharidgeneral: That is just the beginning... It will spread to other sector 1 Like |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Algold: 11:18pm On Oct 12, 2023 |
Zooposki: If you have transparent financial sector. It will be easy. I can remember before Buhari regime. I get my forex account credited in dollars through my bank directly at the ratio stated at CBN portal. But now it is very difficult and different now. Some individual sabotaging the Naira should be wipe out completely |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by Gilgil: 11:36pm On Oct 12, 2023 |
The problem is trust. If you were one of those importers hoarding dollars, would you trust the government and release the one you are hoarding? Wouldn't you just go into the I & E exchange and ask for more dollars for importing those unbanned products thereby putting more pressure on the naira-dollar situation? BoldBrainz: |
Re: CBN To Intervene In Forex Market, Lifts Ban On 43 Items by jesmond3945: 11:42pm On Oct 12, 2023 |
happney65:what do you want us to export? When we have not met local demand. |
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