Crash it still will

I look and laugh nigerians go hear am wella in dis 4yrs you don't know the value of what you have until you lose it

Who's talking of dangote rice? We have quality local made rice in Nigeria. Patronise them. Ever since I started buying and eating Abakaliki rice 2 years, I have never thought of buying foreign rice again, except basmati that I buy once in a while.
Why should we give businessman forex to go and import toothpick or plywood with all the forests in Nigeria?
Or fish with all the fishes in nigeria's plenty water. Will miss geisha though

Authority Stealing don start

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https://www.youtube.com/watch?v=PAeFRg1Bag8
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posted this first mods sobs, expected a hike in foodprices .

I Honestly think this is a nice policy. i also understand that it will not be easy for the poor masses in the short term, but will pay-off in the medium and long term.

We should not cloud our selves with who becomes rich from this policy and which part of the country He/She is from. We should look at the policy from an overall economic veiw. Our dollar reserve is droping fast partly because of fall in oil price and also our heavy dependence in dollar transactions {IMPORTATION}. This policy is trying to increase the cost of improtation as against local production. Notice that customs just removed the ban on most of these goods mention here by CBN, but slaped a minimum of 35% duty on them. this is not good news to importers. the people smiling here are the industrialist that have been calling for these mesures and preparing for their implimentation.

For the unrepentant importers i'll say it's a wake up call. We have a lot of wealthy people from all regions of the country, but very few had the believe to invest and build industries here. If these policy is going to help the few industrialist who believed in the "Nigerian Project" - So be it.
I would rather we have a few wealthy industrialist employing millions of our youths and giving them hope than have a million rich men with no real investment in the country.

NairaQuest:
This is a very poor policy. Those affected will resort to the black market to get the dollar they need and that will put pressure on the naira. I see the Naira trading at 250 to the dollar by December

The price of uncle ben's rice will increase and the prices of the other affected items and thar may fuel inflation

Unless there is an alternative for those things, Nigerians are in for a bad season

The margin between 222 and 250 is too small. I see it getting closer to 300 by December if this memo is not reversed.

NairaQuest:
This is a very poor policy. Those affected will resort to the black market to get the dollar they need and that will put pressure on the naira. I see the Naira trading at 250 to the dollar by December

The price of uncle ben's rice will increase and the prices of the other affected items and thar may fuel inflation

Unless there is an alternative for those things, Nigerians are in for a bad season

Until we begin to produce and manufacture, either via SMEs or just anyhow....manufacture some or all of these small items,there is no policy the CBN puts in place that will hold water if at all it will just be for the short run. So in my estimation the CBN governor and ''them'' they know themselves ...they know what they are doing...it's only the already ''raped'' and impoverished masses that bears the brunt . A situation were 2 square meals a day is gradually becoming a luxury...let me hear somebody say largest economy again...Nonsense

atlwireles: 4:32pm
You are only sending them to the black market. More business for Mallams. angry End result is the increasing spread between the official and black market rates , making round tripping by banks a more lucrative business. You end up putting more pressure on the Naira

This is the change some were chanting. Yesterday was the lifting of textile and furniture ban.

Nigeria has entered one chance. Waiting for the reversal of the automobile policy.

[b]Very sad, we are slowing watching a 1980s policy template.

Nigeria tightens controls on foreign exchange

The Nigerian central bank has imposed new foreign exchange controls to try to stem the flow of dollars out of the country.
It means importers will not be able to get hard currency to buy a list of 40 items ranging from rice to cement.
The list includes Indian incense, plastic and rubber products, soap and even private jets.
It has also restricted access to the interbank currency market for the purchase of foreign currency bonds.
In April, the central bank limited the amount that Nigerians could spend on credit cards abroad.
The Nigerian currency, the naira, has plunged because of the fall in the oil price.
The central bank has spent $3.4bn propping it up since it fixed the exchange rate in February and tightened trading rules to curb speculation.
Black market
"We see this policy move as confirmation that foreign exchange supply remains extremely tight. But more worryingly, it suggests that the central bank remains reluctant to devalue the naira," said Yvonne Mhango, sub-Saharan Africa economist at Renaissance Capital.
The central bank has said in the past that devaluing the naira by allowing it to float freely on the currency markets is not an option.
The naira, which was trading at 198.50 to the dollar on the interbank market, was reported to be trading close to 220 on the black market in the commercial capital, Lagos, on Wednesday.
Analysts said the latest measures meant importers would increasingly turn to the black market to buy dollars.
Cobus de Hart of South Africa's NKC Africa Economics said: "The decision to, in effect, introduce additional capital controls does not bode well in relation to investor perception and may also adversely affect domestic business operations and costs."[/b]

http://www.bbc.com/news/business


On point!

atlwireles:
aniomi please come post your change chanting GIF.

Let's make no mistake about it, Nigeria is in for real turbulent times. The Duara Dullard has returned to his 1980s playbook. It failed in 1983-1985, it will fail again. We live in a world of free flowing capital, he is building checkpoints for capital. Only the Daura President and his almajiri supporters see any good in his madness.

been too sentimental can cause brain tumor, pls beware of that you are too sentimental

lawallawal86:
been too sentimental can cause brain tumor, pls beware of that you are too sentimental

Almajiri, Keep your advise for your Daura President

For me this is a good development. I don't know why some people are calling Dangote instead of asking FG to invest more in farming. This is a Country with population of over 160millions yet we still import everything,turn back to cry of unemployment. It is not everybody that will work in Office, some should start thinking of farming now.

Good move by the government. We produce enough rice in Nigeria. That should save us on the forex. We should also make sure that locally refined oil is done in Naira. Also keep the current auto policy.

I support those measures but is Nigeria self-sufficient in rice production?

If not, then rice should be exempted because it will only affect the poor people whose staple food is rice.

If this policy was meant to increase the cost prices of imported products, and encourage growth of local industries, and the policy does not factor in other factors that informs consumers' choice of product other than price - taste, quality, ostensible nature of some Nigeria consumers etc. The policy will not achieve it's objective. Why? Because most of the aforementioned products in the policy have near perfect inelasticity. If CBN thinks that increase in prices that would be brought about by buying forex from parallel market will lead to fall in demand of imported product and consequently discourage importation, other demand determinants other than price could offset that.

Total ban could have done the job if well enforced. To give more life line to the policy, locally manufactured products must be significantly subsidized by government to - in the short run compel consumers to have a taste of made in Nigeria product. And SON must do its job without compromise.

ajalaolanr:
CBN just made dangote richer by the dozen!

so you prefer to enrich a foreigner thatn to enrich your country man?

atlwireles:
aniomi please come post your change chanting GIF.

Let's make no mistake about it, Nigeria is in for real turbulent times. The Duara Dullard has returned to his 1980s playbook. It failed in 1983-1985, it will fail again. We live in a world of free flowing capital, he is building checkpoints for capital. Only the Daura President and his almajiri supporters see any good in his madness.

You see why you are a Nausary School dropped out !!! Anyway what do you expect from a Roadside up bringing

What is the big deal if Dagote is getting richer. Is he a China man?

ZuzuMan:
You see why you are a Nausary School dropped out !!! Anyway what do you expect from a Roadside up bringing

Look at the crying bastarddd, have you eaten tonight

ZuzuMan:
You see why you are a Nausary School dropped out !!! Anyway what do you expect from a Roadside up bringing

You've got every right to kill your English Teacher.

The current CBN governor should get the award of being the dumbest CBN governor of all time! What policy has this man implemented to better the life of the average Nigerian? Seriously,name one.

First, he introduced the N65 charge on ATM withdrawals. Followed by a reduction in the daily spending limit of Nigerian debit cards from $1200 to $300 causing untold hardship for Nigerians living abroad. Now this - restriction of Forex to importers.

While this new policy may seem wise at first, on close examination it becomes obvious that its a very dumb move. Usually, before imposing restriction to discourage import, a sane government provides an enabling environment to support local production. Subsidies. Tax breaks. Production infrastructure. Power. You name it. A sane government provides it all. Not so in Nigeria. We believe in the opposite - lock up the doors, throw away the keys and expect the economy to magically improve by itself. Forgetting that importers would always seek ways to beat the system. In this case buying from black market at a much higher cost which would inevitably lead to a rise in prices - causing untold suffering to the average Nigerian. How Dumb! How Dumb!! And where is Buhari when you need him

pipz:



http://www.punchng.com/news/cbn-stops-forex-sales-to-rice-private-jet-importers/

Mrs ezekwesile obi should come and tell us what reserve is the cbn talking about.


.

.

will it revamp our economy?

eddybanty:
will it revamp our economy?

no no no, the black market can't satisfy the exchange demand of importers, which means the scarce or limited supply of foreign currency at the black market will priced beyond the reach of most importers and manufacturers , dollar may likely rise as high as 300. Many companies may or will be forced to close or scale down their production because imported raw materials and goods will rise to reflect the price change. Don't forget also that subsidy will soon be removed which means the rich will keep getting richer, this is what I call daura economics from buhari

Ok Na!

http://bummyla.com

bushdoc9919:


My friend...stop blaming Dangote!

And why should Nigeria be an import driven nation?

If you want to blame someone....

1)Blame Saudi Arabia.....who caused the oil price to drop because they just had to up production to force the American shale oil producers out of business.

2.Blame your past govts....who kept our economy so oil dependent....that we do not have a decent industrial sector (Dangote is at least trying to stop the downfall of our industries.).

And we do not have enough FOREX in this country anymore because we are not making money from oil at all!

Instead of complaining about Dangote....telll your state governors and Abuja to put in place polices that will create more Dangotes. So that we can export industrial products, earn gallons of forex, and create a ton of jobs for all.

Infact....we Nigerians should be ashamed of ourselves. Why should we be importing rice and cement? Why?

Now is Nigeria's chance....industrial greatness....or nothing!

I like your analysis but if Nigeria can't fix the energy sector(electricity )... God help us, the economy may crumble. Such sector gives rapid and catalystic effect.

4lashyme:
I Honestly think this is a nice policy. i also understand that it will not be easy for the poor masses in the short term, but will pay-off in the medium and long term.

We should not cloud our selves with who becomes rich from this policy and which part of the country He/She is from. We should look at the policy from an overall economic veiw. Our dollar reserve is droping fast partly because of fall in oil price and also our heavy dependence in dollar transactions {IMPORTATION}. This policy is trying to increase the cost of improtation as against local production. Notice that customs just removed the ban on most of these goods mention here by CBN, but slaped a minimum of 35% duty on them. this is not good news to importers. the people smiling here are the industrialist that have been calling for these mesures and preparing for their implimentation.

For the unrepentant importers i'll say it's a wake up call. We have a lot of wealthy people from all regions of the country, but very few had the believe to invest and build industries here. If these policy is going to help the few industrialist who believed in the "Nigerian Project" - So be it.
I would rather we have a few wealthy industrialist employing millions of our youths and giving them hope than have a million rich men with no real investment in the country.

how will they build, when common electricity we cannot fix. When I run my industry on diesel and fuelling my machines is more than the profit, won't I go somewhere else?

speculation, speculation, speculation, speculation

NairaQuest:
This is a very poor policy. Those affected will resort to the black market to get the dollar they need and that will put pressure on the naira. I see the Naira trading at 250 to the dollar by December

The price of uncle ben's rice will increase and the prices of the other affected items and thar may fuel inflation

Unless there is an alternative for those things, Nigerians are in for a bad season

I cant agree with you more.

























[size=20pt] Stop scrolling abeg read my signature joor [/size]

Gorimakpa1:
speculation, speculation, speculation, speculation

Oga bozz, how body

















[size=20pt] Stop scrolling abeg read my signature joor [/size]