What You Need To Know About CBN’s Lifting Forex Restriction On 43 Items - Business (2) - Nairaland
Nairaland Forum › Nairaland General › Business › What You Need To Know About CBN’s Lifting Forex Restriction On 43 Items (37437 Views)
| Re: What You Need To Know About CBN’s Lifting Forex Restriction On 43 Items by Chetas81(m): 3:25pm On Oct 15, 2023 |
IF YOU THE NIGERIAN CITIZEN ARE NOT FOOOOOOLISH WAITING FOR MIRACLES OVER IDEAS,WHY MUST YOU IMPORT ALL THIS ITEMS WITHOUT YOU PRODUCED 60% THE ITEMS, YOU AND YOUR CURRENCY REMAIN SLAVE TO THE UNITED STATE DOLLARS |
| Re: What You Need To Know About CBN’s Lifting Forex Restriction On 43 Items by Babangidapikin: 3:27pm On Oct 15, 2023 |
Please explain the Macro and Micro economics effect on the economy...this explanation is a very narrow view of the triple down effects this would have short , medium and long term.. |
| Re: What You Need To Know About CBN’s Lifting Forex Restriction On 43 Items by LegallyBlunt: 3:29pm On Oct 15, 2023 |
JagabanB:Which Nigerians? |
| Re: What You Need To Know About CBN’s Lifting Forex Restriction On 43 Items by Incredible128: 3:29pm On Oct 15, 2023 |
Imagine the nonsense they said , that "local production would benefit from the cheaper import " why was it restricted in the first place? Was it not to conserve scarce forex? Now they've lifted the restriction, importers of these products would be free to compete for scarce forex with people that legit wants to import products the country needs, products that can't be manufactured in Nigeria as opposed to these importers that import things the country can produce if the government invests wholly in it. APC as a whole is calamity , there nothing anybody would tell me that would make me think otherwise, they're a bunch of confused people without a set priority, trying anyset of shapes to see which one would fit in the hole all the while leaving the populace to bear the bruntSeefinish: |
| Re: What You Need To Know About CBN’s Lifting Forex Restriction On 43 Items by BoldBrainz(m): 3:32pm On Oct 15, 2023 |
lordm:If I am a cement supplier with enough naira to stock 5000 bags of cement, I can survey the market and see where I can buy it cheaper. If BUA cement here in Nigeria gives me a bag for 3500 plus the transportation to my warehouse and I compare it with the price outside Nigeria, I can decide to import those 5000 bags from another country (if I get the same cement quality for 3400 plus delivery to my warehouse) and by the time it arrives, I'll supply to retailers at 4000 naira. That effectively puts competition in the cement market. I'll be selling to retailers at 4K plus delivery while the other man who is buying from BUA will sell for 4,200 plus delivery. Naturally, I'll have more patronage and BUA will be compelled by their loss of patronage to me, to reduce their price to flow with the market. Ordinarily, that's how it should be. But this is Nigeria and this move has the potential to backfire. I spent an entire night reading and researching on it. |
| Re: What You Need To Know About CBN’s Lifting Forex Restriction On 43 Items by truthfinder319: 3:33pm On Oct 15, 2023 |
Children of hate are confused. To support Kojoli Siddiq Atiku or Pandora Gregory who could not submit his BA 3rd class degree. BAT is God-made |
| Re: What You Need To Know About CBN’s Lifting Forex Restriction On 43 Items by truthfinder319: 3:34pm On Oct 15, 2023 |
Children of hate are confused. To support Kojoli Siddiq Atiku or Pandora Gregory who could not submit his BA 3rd class degree. BAT is God-made KillIgbohoN0W: |
| Re: What You Need To Know About CBN’s Lifting Forex Restriction On 43 Items by Incredible128: 3:37pm On Oct 15, 2023 |
So who would generate the forex for the importation of these products? Abi should we start printing dollars too? Are we stable in production of these local products? Don't you think local industries would close because they won't be able to match the "cheap" prices of these imported products? gabbytabby: |
| Re: What You Need To Know About CBN’s Lifting Forex Restriction On 43 Items by LandMann: 3:38pm On Oct 15, 2023 |
Seefinish:Same party but different presidents from different ethnic groups that have different views on governance. Buhari used Emiefele the fool to ban those items in other to create wealth for northerners and poverty for southerners |
| Re: What You Need To Know About CBN’s Lifting Forex Restriction On 43 Items by Saintinoo(m): 3:38pm On Oct 15, 2023 |
lordm:No sir it will not, they only allowed the importers of those items to source dollar from the official market, not much will change, in fact, it is expected that dollar becomes more scarce and goods become more expensive. |
| Re: What You Need To Know About CBN’s Lifting Forex Restriction On 43 Items by nerdjared: 3:39pm On Oct 15, 2023 |
1 step forward 11 steps backward APC propaganda gonment |
| Re: What You Need To Know About CBN’s Lifting Forex Restriction On 43 Items by Karleb(m): 3:40pm On Oct 15, 2023 |
I am ready to bet that this will change nothing. All these paper policies that only has negative effect. |
| Re: What You Need To Know About CBN’s Lifting Forex Restriction On 43 Items by Brownbetsport24: 3:41pm On Oct 15, 2023 |
Can our local card will now be working on AliExpress? |
| Re: What You Need To Know About CBN’s Lifting Forex Restriction On 43 Items by victorclean(f): 3:42pm On Oct 15, 2023 |
On point anyway. Anything that will make food to be cheap is welcomed. They also open Cotonou border |
| Re: What You Need To Know About CBN’s Lifting Forex Restriction On 43 Items by Czartrips(m): 3:42pm On Oct 15, 2023 |
On paper this looks good but lets take a critical look at the implementation as with other policies this government has announced. Do u think impoters will be able to source forex from bank? Where will bank get forex from and even if forex is available in the bank, will the bank personnel make the dollar available or decide to do business with it as we saw the banka doing business with the naira earlier this year.. The implications of this policy will only drive more demand to parallel market and that will only make the dollar price to rise.. |
| Re: What You Need To Know About CBN’s Lifting Forex Restriction On 43 Items by RightToReject(m): 3:42pm On Oct 15, 2023*. Modified: 5:09pm On Oct 15, 2023 |
It's not going to help naira against the dollar; in fact, the negative effect will outweigh the positive effect by all indices. Abolishing domiciliary account, and paying recipients of foreign remittance in dollar, will go a long way to help naira. A country like ours that has always been having a deficit in balance of payment has no business encouraging or enabling private and corporate entities to operate domiciliary accounts. Banks are the major beneficiaries under the current arrangement. |
| Re: What You Need To Know About CBN’s Lifting Forex Restriction On 43 Items by SeaTrade(m): 3:42pm On Oct 15, 2023 |
ednut1:You already have machinery, structure on ground. You just don't up and leave. |
| Re: What You Need To Know About CBN’s Lifting Forex Restriction On 43 Items by lordm(m): 3:45pm On Oct 15, 2023 |
Saintinoo:na WA o. thank you. this country ehn |
| Re: What You Need To Know About CBN’s Lifting Forex Restriction On 43 Items by Eriokanmi: 3:45pm On Oct 15, 2023 |
Op, this is so unrealistic There's shortage of fx as we speak. The official rate was traded at around 640 naira to a dollar when the policy was first reeled out and every trader hailed the policy. They even said our stocks rose sharply thereafter and termed it TINUBUUUUL.. They claimed rates would first go up and later come down, has it happened? They also said the policy idea was to enable the wide btw the official and black market to become close...has this happeked ? Do you know how much dollar is today? Why has the rate gone up so sharply? The reason is simple...more buyers are shopping for a scarce product. Now that more traders are going to join, what do you think wouid happen to the dollar? Except the CBN allocates fx and clears the backlogs they're owing commercial banks, the situation wouid only get worse. The CBN was supposed to have cleared the backlogs since 14th of September. Approved BDCs should be allowed to trade too, with close monitoring. This was what Jonathan did and both the official and back market rates were almost same at a point. What are they waiting for? These guys are jokers |
| Re: What You Need To Know About CBN’s Lifting Forex Restriction On 43 Items by oyeb15: 3:45pm On Oct 15, 2023 |
They should make food available |
| Re: What You Need To Know About CBN’s Lifting Forex Restriction On 43 Items by InvertedHammer: 3:45pm On Oct 15, 2023 |
/ The only thing the CBN can do now is to fight to stabilize naira around N1000/$. But that's an onerous task. The only way to stabilize naira is to increase productivity and shun IMF and World Bank temporarily. 4 key things to turn Nigeria around: Electricity, Refinery, Security, Roads. Textbook economics is a mere chase of shadows. / |
| Re: What You Need To Know About CBN’s Lifting Forex Restriction On 43 Items by Khyrvxjzy: 3:50pm On Oct 15, 2023 |
Seefinish:government is a continuous exercise anyway no ibo man will be president |
| Re: What You Need To Know About CBN’s Lifting Forex Restriction On 43 Items by Khyrvxjzy: 3:51pm On Oct 15, 2023 |
KillIgbohoN0W:summarize it in layman |
| Re: What You Need To Know About CBN’s Lifting Forex Restriction On 43 Items by Khyrvxjzy: 3:56pm On Oct 15, 2023 |
blabulu2000:chai even we both hate this people your own hatred long like your writing e no need na |
| Re: What You Need To Know About CBN’s Lifting Forex Restriction On 43 Items by Lightorder: 3:57pm On Oct 15, 2023 |
blabulu2000:you keep wasting your youthful energy, doing nonsense |
| Re: What You Need To Know About CBN’s Lifting Forex Restriction On 43 Items by drealcivilceno(m): 3:57pm On Oct 15, 2023 |
blabulu2000:WHAT THE F*** IS THIS |
| Re: What You Need To Know About CBN’s Lifting Forex Restriction On 43 Items by fortune1968: 3:59pm On Oct 15, 2023 |
JagabanB:Leave them alone with their ignorance and mischief. |
| Re: What You Need To Know About CBN’s Lifting Forex Restriction On 43 Items by IyaTola: 4:02pm On Oct 15, 2023 |
lordm:Yes, as they would flood the market. |
| Re: What You Need To Know About CBN’s Lifting Forex Restriction On 43 Items by peculiar2233: 4:04pm On Oct 15, 2023 |
JagabanB:Hope you are already buying your own products at cheaper rate. Oponu |
| Re: What You Need To Know About CBN’s Lifting Forex Restriction On 43 Items by IyaTola: 4:07pm On Oct 15, 2023 |
Khyrvxjzy:Those items would reduce as the prices in the market as the flood Nigeria market in coming months |
| Re: What You Need To Know About CBN’s Lifting Forex Restriction On 43 Items by Nerdnextdoor: 4:07pm On Oct 15, 2023 |
ON POINT!!! Dogalmighty17: |
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