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Are People In CBN Confused Or Just Playing Politics. See This. - Politics - Nairaland

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Are People In CBN Confused Or Just Playing Politics. See This. by Saintinoo(m): 6:29pm On Oct 15, 2023
CBN released a note explaining why it removed dollar restrictions on 43 items in the economy, as part of the explanation they stated that the policy will benefit LOCAL PRODUCTION.

I have been thinking for many days now, how does lifting dollar restrictions on imported commodities benefit local production and aid employment according to CBN.

Don't you all see that we are been led by confused people?

I ask dear nairalanders, how does removing dollar restrictions on those items benefit local production and aid employment.

6 Likes 1 Share

Re: Are People In CBN Confused Or Just Playing Politics. See This. by LeoDeKing: 6:35pm On Oct 15, 2023
If you don't understand a concept, ask.

This doesn't sound like a question.

20 Likes

Re: Are People In CBN Confused Or Just Playing Politics. See This. by Isokotolopia: 7:05pm On Oct 15, 2023
IMO, removing the restrictions means importers don’t have to put pressure on the parallel market in trying to source forex for the items in the list. That way they have access to IE forex window just like Any other importer, hence no cause for alarm

10 Likes 1 Share

Re: Are People In CBN Confused Or Just Playing Politics. See This. by YourMrBoo: 7:11pm On Oct 15, 2023
Importers will stop patronizing black market in search of dollars.

6 Likes

Re: Are People In CBN Confused Or Just Playing Politics. See This. by ecolime(m): 7:24pm On Oct 15, 2023
Isokotolopia:
IMO, removing the restrictions means importers don’t have to put pressure on the parallel market in trying to source forex for the items in the list. That way they have access to IE forex window just like Any other importer, hence no cause for alarm
Simple explanation.

We need more people like you on Nairaland.

6 Likes

Re: Are People In CBN Confused Or Just Playing Politics. See This. by Saintinoo(m): 7:37pm On Oct 15, 2023
ecolime:

Simple explanation.

We need more people like you on Nairaland.

Pls read my post again, CBN said the policy will benefit local production, and increase employment, I ask, how?

12 Likes 1 Share

Re: Are People In CBN Confused Or Just Playing Politics. See This. by Saintinoo(m): 7:38pm On Oct 15, 2023
YourMrBoo:
Importers will stop patronizing black market in search of dollars.

I know all this, in fact I have been following the issue, and I ask, since CBN said that the policy will benefit local production and aid employment, how will this be possible.

2 Likes

Re: Are People In CBN Confused Or Just Playing Politics. See This. by Saintinoo(m): 7:39pm On Oct 15, 2023
LeoDeKing:
If you don't understand a concept, ask.

This doesn't sound like a question.

CBN said that the policy will benefit local production and aid employment, I ask, how?

3 Likes 1 Share

Re: Are People In CBN Confused Or Just Playing Politics. See This. by SpatialKing(m): 7:39pm On Oct 15, 2023
We have a President that claimed he graduated with a First Class and was the top accountant...
Re: Are People In CBN Confused Or Just Playing Politics. See This. by Babamide(m): 8:01pm On Oct 15, 2023
Why do you believe this propaganda government knows what they are doing? We can try to explain it to ourselves or see reason with them but we go just tire. I believe any government policy is solely for the benefit of a particular group or purpose. Nobody send the masses.

8 Likes

Re: Are People In CBN Confused Or Just Playing Politics. See This. by Itsrm(m): 8:04pm On Oct 15, 2023
Isokotolopia:
IMO, removing the restrictions means importers don’t have to put pressure on the parallel market in trying to source forex for the items in the list. That way they have access to IE forex window just like Any other importer, hence no cause for alarm

Were those trying to import items that were not banned getting FX from the IE window? If yes, how come marketers left the importation of fuel to NNPC when they have access to the same rate as NNPC? If no, where will the FX now come from for those who want to import the 43 items?

12 Likes 2 Shares

Re: Are People In CBN Confused Or Just Playing Politics. See This. by BoldBrainz(m): 8:05pm On Oct 15, 2023
Na Nigeria matter dey make you think for days? OP, are you trying to die..😂?

2 Likes

Re: Are People In CBN Confused Or Just Playing Politics. See This. by viyon02: 8:21pm On Oct 15, 2023
Just like what dude above me said " do you want to die" Nigeria is never a country so don't think about it, know this and have peace

2 Likes 1 Share

Re: Are People In CBN Confused Or Just Playing Politics. See This. by Manigie: 8:32pm On Oct 15, 2023
Isokotolopia:
IMO, removing the restrictions means importers don’t have to put pressure on the parallel market in trying to source forex for the items in the list. That way they have access to IE forex window just like Any other importer, hence no cause for alarm
Seems you're informed..... My questions are

1. Will this bring down the price of rice, cement and others?

2. Will it take long before the effect of this policy is felt?
Re: Are People In CBN Confused Or Just Playing Politics. See This. by Incredible128: 8:44pm On Oct 15, 2023
Shey we have enough forex for our own needs? Abi u want to print dollars from the air? U guys are just impossible
ecolime:

Simple explanation.

We need more people like you on Nairaland.

1 Like 1 Share

Re: Are People In CBN Confused Or Just Playing Politics. See This. by Incredible128: 8:47pm On Oct 15, 2023
Do you think they do not know what they do? They try by any means possible to justify what their masters do; they tried as much as they could for the first one, now masters have changed and they have to defend the second
Saintinoo:


CBN said that the policy will benefit local production and aid employment, I ask, how?

2 Likes 1 Share

Re: Are People In CBN Confused Or Just Playing Politics. See This. by Incredible128: 8:49pm On Oct 15, 2023
Which reduce? They were restricted when official dollar to naira price were 47something, is it when it's 77something officially to 1025 on blackmarket that prices would reduce?
Manigie:
Seems you're informed..... My questions are

1. Will this bring down the price of rice, cement and others?

2. Will it take long before the effect of this policy is felt?
Re: Are People In CBN Confused Or Just Playing Politics. See This. by SalamRushdie: 8:51pm On Oct 15, 2023
Is there really any local production going on for any of the 43 items and if there is can it meet the demand?
Re: Are People In CBN Confused Or Just Playing Politics. See This. by Saintinoo(m): 9:13pm On Oct 15, 2023
SalamRushdie:
Is there really any local production going on for any of the 43 items and if there is can it meet the demand?

Yes there are, and mind you those items were not banned before.
Re: Are People In CBN Confused Or Just Playing Politics. See This. by SensetionalGoal(m): 10:04pm On Oct 15, 2023
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 undecided

4 Likes 1 Share

Re: Are People In CBN Confused Or Just Playing Politics. See This. by iblawi(m): 10:17pm On Oct 15, 2023
Saintinoo:


CBN said that the policy will benefit local production and aid employment, I ask, how?

Some items on the list are needed as raw materials/ input to some producers. They can now get input at cheaper prices and increase production.

1 Like

Re: Are People In CBN Confused Or Just Playing Politics. See This. by AcuraZDX: 11:55pm On Oct 15, 2023
iblawi:


Some items on the list are needed as raw materials/ input to some producers. They can now get input at cheaper prices and increase production.

Name the item that is a raw material in the list.

I dey wait

2 Likes

Re: Are People In CBN Confused Or Just Playing Politics. See This. by blacksam01: 12:33am On Oct 16, 2023
ecolime:

Simple explanation.

We need more people like you on Nairaland.

this explains nothing the OP ask...op is talking about employment and local content enhancement, this one is talking about demand side of FX...

op know exactly what he is saying...and no ine seem to have explained this

5 Likes

Re: Are People In CBN Confused Or Just Playing Politics. See This. by anungangampu: 12:49am On Oct 16, 2023
Those things were banned same time Buhari restricted movement of goods through land Borders.
Many have died smuggling those good inside the country and it became a private business for customs to cash out since 8yrs.

Now to make it more clearer, most of those items are sorted in nearby Cotonou and if you live close to the border you will find this is big business for a particular tribe in Nigeria.

Banning those goods should have helped our Fx but it didnt but instead kept people out of their livelihood wheras same banned items enter through the North Border easily while Southerners go to North to get them or smuggle them.

I think the policy is same as the Cement import policy that forced the price of Cement down. It has nothing of sort to help keep fx rate down. Is just to normalize people business down South here that Buhari tenure destroyed.

I have my own theory that says the recent jump of dollar from 800-1025 is because of those items ubanned. But you know that Tinubu is trying to remove some clogs Buhari and Obasanjo infested on us in the name of "Dangote-nised" economy.

2 Likes

Re: Are People In CBN Confused Or Just Playing Politics. See This. by Hideaki: 4:01am On Oct 16, 2023
Just a bunch of low iq bigoted efulefus with financial capacity playing politics with the nigerian economy like a kid playing dungeons and dragons

Re: Are People In CBN Confused Or Just Playing Politics. See This. by Manigie: 6:43am On Oct 16, 2023
Incredible128:
Which reduce? They were restricted when official dollar to naira price were 47something, is it when it's 77something officially to 1025 on blackmarket that prices would reduce?
Damn , then that means we ain't out of the woods yet .... wahala dey.

To think I was looking forward to when I can comfortably buy and eat foreign rice .. this local rice no be im
Re: Are People In CBN Confused Or Just Playing Politics. See This. by telleyway: 6:56am On Oct 16, 2023
Saintinoo:


Pls read my post again, CBN said the policy will benefit local production, and increase employment, I ask, how?

You can't make sycophants to read in between the lines, think logical and comprehend a simple question. Because they're always in a hurry to defend indefensible. The same CBN that claims banning those products will enhance local production is saying another rubbish now and my agbado people are all up with myopic defense.

2 Likes

Re: Are People In CBN Confused Or Just Playing Politics. See This. by iblawi(m): 7:37am On Oct 16, 2023
AcuraZDX:


Name the item that is a raw material in the list.

I dey wait

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.
Re: Are People In CBN Confused Or Just Playing Politics. See This. by magoo10(m): 7:47am On Oct 16, 2023
So many people will start chasing the dollar and i hope the cbn has enough to give out or they deliberately want to push the dollar higher.
Re: Are People In CBN Confused Or Just Playing Politics. See This. by orisa37: 8:03am On Oct 16, 2023
CBN IS ABRACADABRA NOW AND CORRUPT. CBN IS CONFUSED. CBN HAS BEEN TALKING GIBBERISH SINCE CARDOSO CAME IN.
Re: Are People In CBN Confused Or Just Playing Politics. See This. by Saintinoo(m): 9:19am On Oct 16, 2023
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 undecided

This is really America wonder. You encourage the importation of finished produce that are already produced in the country by our infant industries, then you turn and say it will benefit same infant industries and enhance employment. No be juju be that? Even someone without a degree in economics knows that it is American wonder.

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