₦airaland Forum

iblawi:
As simple as nail or head pan is, It's a major input in the construction sector. Be it wood work, concrete work, interior design etc.

Poultry products are input to some sectors as well. Most of the item are major things used in our day to day life.

Issues like cement being more expensive in Nigeria than imported ones too can help reduce the extortion from some manufacturer like Dangote. When prices drop, every sector needing cement as input will get a boast.

SensetionalGoal:
Nobody could actually answer OP intelligently.
He asked a simple question on how a cbn policy can boost local production and create employment and some are here blabbing

Op whatever you quess is as good as mine

SalamRushdie:
Is there really any local production going on for any of the 43 items and if there is can it meet the demand?

LeoDeKing:
If you don't understand a concept, ask.

This doesn't sound like a question.

YourMrBoo:
Importers will stop patronizing black market in search of dollars.

ecolime:
Simple explanation.

We need more people like you on Nairaland.

lordm:
Still don't understand. Put it in layman's term. Will it make cement cheaper?

Easyincome24:
Believe this, everyone has that one unique thing that sets him/her apart from another person. Technically, everyone has either an inane ability or acquired ability that makes one unique or stand you out from the rest of us.

Though this may be looked down upon based on the part of the world we found ourselves but always occur when you go for a job interview. No matter how secretive one wants to be, in no matter of time, it reveals itself in you. It's what makes you unique, that's who you are.

This qualities are what recruiters look out for in you. It also could be what the opposite sex long for in you during relationship.

The fact that some of these habits may not tow positive ways like others do not necessarily make them bad or to be termed negative. Everyone can't be a conformists thats why liberal society exists.

For you, what's that thing that makes you unique from the other person?

If this can get to the front page, it will allow us to get more comments on such a good question.

havecycle:
Sometimes when we see these things from afar, we think they are not real until they happen to us directly as its in my case today.

(For the sake of tribalism here, let me not mention the location).

So I have been searching for job and this week alone, from Monday, i have been into different places in search for work.

Sorry bro, our leaders have failed us, but do I blame them? I blame the same poor citizens. Hang on, keep doing what you know best, God will see you through.

I don't have money and that means staying hungry and forcing myself to go to all the places even without food.

So where I passed yesterday, I saw a construction site and i decided to go to that place today being Friday to look for any menial job i can do to earn a living. With so many things on my head, hunger, frustration and all, unconsciously, I didnt know i was talking to myself and was about crossing road without looking if any car was coming. Shockingly there was this car that almost swept me. The driver matched the break with a very loud horn. The shock threw me into unconsciousness and i fainted. How the people around helped me regain consciousness I dont know. I'm even surpised the car didt hit me.

To God be the glory that I didnt pass to the great beyond.

I have this to tell to drivers and car owners out there.

Please always be very careful while on steering. Economic frustration in the country has made lots of people mentally unstable. It happened to me today.

Don't know why life choose to be so hard to some people. Someone in this economy without a job is a dead man.

Anyhow, search will continue and I pray my effort yields good results.

lordm:
Please accountants explain this to me in layman's terms

DeLaRue:
Now that the banned goods have been restored, the government should now focus on increasing funding to the I & E market/window, so that those who need foreign currency for serious business/purpose are well served.

If people want to exchange naira for dollars at N5000 to $1 on the black market, it is up to them. Government has no control over that market.

The question remains, where is the dollar that CBN will provide for these importer? Our foreign reserve is almost empty and we do not get enough forex from sell of crude oil.

ogododo:
https://dailypost.ng/2023/10/14/imf-proposes-higher-taxes-as-solution-to-nigerias-fiscal-challenge/

Paraman:
A 25kg rice currently cost more than 40k in Nigeria.

Paraman:
We are talking about rice he z1 ubre, not car or car part.

We shall see who's wrong in few days time

ozolity:
I think the major reason for lifting the ban is to close the gap between the parallel market and the official market for exchange rate. These products were still being imported but the importers sourced funds from the parallel market. The CBN wants to bring them to the official window so as to reduce patronage of the black market.

Paraman:
You haven't make your research well concerning this issue.

A kg of rice cost between $0.8-$1.5 per kg in china.

No matter what, a 25kg bag of rice from china will be cheaper than a 25kg rice produce in Nigeria.

If an importer buy a good quality of rice for $0.40 per kg, a 25kg rice will only cost about $11

No factor will make the rice sell more than 25k in Lagos except greediness

Honestfrend:
Hello guys!!

Please I need ur candid advice on this issue.. Am dating this lady and we re planning to go see her parent next month. So she always come to my place although her place is not far from mine..

No my best friend from childhood who lives in far from me want 2 come and be staying with me, since my place is close to his work place, although he will just be staying few days every week.
I try 2 make him understand that I have a woman in the house and we preparing for marriage.. But this his not going down well with my friend he said since am yet to marry her he should be allow to come stay with me. He started say things like he has left me at home with his girlfriend before which was in the past. My girl is not in support of him coming to stay with me due 2 privacy because it just a single apartment.

Please I don't want 2 have issues with my fiancee or my best friend.. I need an advice on how to convince either one of them.. Because I have no issue with my guy coming 2 stay but still as a man preparing 2 settle down I need some privacy..

Am so confuse I don't know what 2 do..

Tnks

Seun:
The textbook definition of Monetary Policy Rate is "the rate at which a central bank lends to commercial banks". By that definition, Nigeria's MPR under Emefiele wasn't 18.5% but 11.5%, & the current MPR isn't 18.75% but 15.75%, which is still low when inflation is 25.8%.

The idea behind using MPR to fight inflation is that when a central bank's MPR is jacked up, banks will lodge more excess funds with the CBN, leading to an automatic mopping up of excess liquidity (money).

It doesn't work in Nigeria because CBN says that they will only pay interest on N2b of excess funds per bank. That has limited the amount of excess naira that banks deposit with the CBN - i.e. the amount of naira that can be mopped up by MPR - to about N50b.

Before the limitation, in 2014, up to N705b was mopped up. So how can mopping up N50b affect inflation in 2023, when Nigerians have N21.7 Trillion naira in their bank accounts and the total money supply M2 is N64.89t?

We will need to mop up several trillions of naira from circulation to see an impact on inflation. If CBN removes the N2b limitation, this will happen and we will see the true effect of our 15.75% effective MPR.

It may need to be done in steps, so that we won't have a situation where the effect of over 1 year of interest hikes will be unleashed on the economy in a single moment. Maybe raise the cap to N50b/bank. Then N100b/bank. Then lift it completely.

So that MPR, the CBN's best anti-inflation tool, will work again. I call it "Unbreaking The MPR". Bankers call it removing the cap on the Standing Deposit Facility (SDF).

It will strengthen the naira and reduce inflation, guaranteed. I hope Dr Yemi Cardoso sees this somehow and takes action.

kitikisa:
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iammo:
Bauchi is predominantly Muslim State with full Sharia law practiced till today

benuejosh:
They should go and room will be created for our local companies to fill in the gap. Our local and infant industries need space for growth.

The only thing the government needs to do for our local and infant industries who have prospecs of growing big is to give them tax holidays.

Offpointng:
Lmao. had to run for my dear life. Not like I'm not also stubborn to match her madness but a home with kids will weaken you as a man/husband which ion want

I guess she now feels me valuable now

Offpointng:
Reason why I tell young men like myself, Dont allow Love becloud your senses of reasoning. Trust me the sign were always right there, you were just blind to it

I used to have what you'd call an Ex then, Same way OP describe his wife was exactly who she is. Twinkling annoys her and she immediately changes it for you, hugs from the back esp when she's in the kitchen immediately changes her mood and get her so angry, Simple romance like hugging (common hugging) she'd push you away, You can't have a healthy and Intelligent talk with her, Always defensive and hardly apologises, Any Play other than the use of mouth to call each other Big head is a No No for her, Loves sleeping like some descendants of Koala, So boring and everything bored you can think of. Firstly, I thought all these happened cuz she's still a Virgin at that age, but I've got Virgin friends that we play and have lotta fun without having sex and are not so boring like she is. Later Got to find out that's just who she was, not cuz she's a virgin or something

So that faithful night we were all loved up on chat and we chatted till she wanted to sleep and told me we'd chat the next day, so we said the lovers Good night and went to bed. But before I got to sleep, I told myself I'm so done with this girl. Normally, she always expects I do the Good morning text first or the Good morning call all the time. But this time, woke up and din call her or text her Good morning, I went bout my normal day activities like she never existed. All those time till in the evening she never call or texted until I uploaded a picture of Myself and my guys chilling bfr we replied the status and of cuz some Rude Bullshit text, I read and din reply.

She called me that night bout twice and I din pick nor returned the call, of course she took to WhatsApp again forming boss lady, I made sure i read and din reply and went to sleep putting my phone on flight mode incase she wanna disturb my sleep with calls.

Oooboy I dabaru that girl head cuz we had no fight the night bfr, we chatted so cool and was even talking bout marriage plans next day she kept calling and calling, pick for where. took her sis phone to call me unknown to me I picked, my people come see cool broken voice that I've not heard in months. I immediately cut and blocked. Any she took to crying on VN telling me if she's done anything forgive me bla bla, But nigga man's mind was made up. She got into depression and every effort her, her friends, her family made to reach out to me, I blocked em all. I moved on. Well after so many months I'm glad to let y'all know she's still single cuz I doubt any guy can be patient with her like I was

So Op the signs were always there, you just turned blind eyes to em.

yemex04:
You are very correct but while policies will be put in place to encourage productivity locally, which impact may not be immediate, the proposed policy of the FG I believe is aim at immediate solution against the ever rising inflationary trend

Phonon:
When did the Ministry of Finance start managing monetary policy, in addition to fiscal policy? Did someone delete the CBN?

cdqyehyeh:
If I understand you well, cutting money supply is a right step but not the ultimate solution, Right now, as it is the ultimate steps seems not an easy ride, we like it or not.
1) there are saboteurs of the government who are trying all they could to hinder local production and all other ultimate steps as you stated
2) The ultimate steps takes time
3) cutting money supply won't hinder the ultimate step will only ease it.
So I will go for cutting money supply, it's a nice move at the wrong time (should've been done years back)

abdulwizzy:
Anyone have any idea the top 3 places to work for in Ministry of Defence? Aside Army, Navy or Airforce.

BreconHills:
Pumping money into the manufacturing sector will be nominally in naira but will in essence be fx because plant, machinery and spares are usd denominated. If it is for local content only - I understand. But will it?

Whether we like it or not we have a dollararized economy due to the import/local content being heavily skewed to import.

Someone else commented and gave the very accurate opinion that my suggestion was mid to long term - and I agree.

Hobbs choice I am afraid.