CBN Lifts FX Restrictions On Milk, Dairy Products Import To Crash Prices - Business - Nairaland
Nairaland Forum / Nairaland / General / Business / CBN Lifts FX Restrictions On Milk, Dairy Products Import To Crash Prices (24076 Views)
CBN Lifts Ban On Cryptocurrency Transactions / CBN Lifts Ban On BDCs, Introduces New Operational Mechanism / CBN Lifts Restriction On Domiciliary Accounts, Allows $10k Withdrawals (2) (3) (4)
(1) (2) (3) (4) (5) (Reply) (Go Down)
| CBN Lifts FX Restrictions On Milk, Dairy Products Import To Crash Prices by ijustdey: 2:13pm On Mar 20 |
The Central Bank of Nigeria, CBN, has lifted forex restrictions on the importation of milk and dairy products in the country, a move expected to push down prices. https://dailypost.ng/2024/03/20/cbn-lifts-fx-restrictions-on-milk-dairy-products-import-to-crash-prices/ 24 Likes 2 Shares
|
| Re: CBN Lifts FX Restrictions On Milk, Dairy Products Import To Crash Prices by Zwooks: 2:15pm On Mar 20 |
Hypocrites. Do the same to cement 141 Likes 13 Shares |
| Re: CBN Lifts FX Restrictions On Milk, Dairy Products Import To Crash Prices by Nbote(m): 2:18pm On Mar 20 |
Simple... We have been calling for this for months now. The uselessness of so many policies of the last govt cannot be over emphasised 109 Likes 11 Shares |
| Re: CBN Lifts FX Restrictions On Milk, Dairy Products Import To Crash Prices by REDshouse(m): 2:18pm On Mar 20 |
Peter obi (Next supermarket) importer of all diaries will be happy 40 Likes 6 Shares |
| Re: CBN Lifts FX Restrictions On Milk, Dairy Products Import To Crash Prices by Nbote(m): 2:22pm On Mar 20 |
REDshouse: Some of you reason like you only have mucus in your head instead of brain matter. Seriously there should be immunisation against foolishness at childbirth so that some of you don't grow into nuisances. The price of milk and dairy products is one of the reasons why bakers are crying over cost of production Prices of 25kg of milk is now over 150,000 because only a few companies were given forex at official rates to import them. 193 Likes 15 Shares |
| Re: CBN Lifts FX Restrictions On Milk, Dairy Products Import To Crash Prices by Dreal1247: 2:25pm On Mar 20 |
It's only going to bear fruits when there are multiple persons importing the commodities into the country. Otherwise, greed won't allow the monopolistic importers to reduce the prices. 57 Likes 4 Shares |
| Re: CBN Lifts FX Restrictions On Milk, Dairy Products Import To Crash Prices by budaatum: 2:25pm On Mar 20 |
This means importers can now access foreign exchange at official market rates. So, official market rate still exists apart from the general market rate? “In light of the preceding, please note that the restriction on foreign exchange for importing dairy products and its derivatives to all entities except selected companies has been lifted.” I'm very certain it can not possibly be subsidised for selected companies, as Nigeria is not wọwọ like that. /s 2 Likes |
| Re: CBN Lifts FX Restrictions On Milk, Dairy Products Import To Crash Prices by Nbote(m): 2:26pm On Mar 20 |
Dreal1247: That's exactly what this means. Before now only a few companies had access to forex at govt rates to import. Now anyone importing milk and dairy products won't have to go and source forex from the black market Taich: Before now only few companies got forex at the official rates and as such it discouraged other companies from getting involved because they wouldn't be able to compete in the market with the ones enjoying govt incentive. But now that the restrictions have been removed, just about anyone can get forex at the same rates to import. With many players in the market, prices will becomes competitive as the best price wins. The few companies importing are the ones enjoying the monopoly of the market 13 Likes 2 Shares |
| Re: CBN Lifts FX Restrictions On Milk, Dairy Products Import To Crash Prices by RenaissanceGuy: 2:28pm On Mar 20 |
What about rice so that our greedy rice farmers can bite their fingers in regret?? BTW how comes most of the commenters are writing "diary" instead of dairy??  58 Likes 5 Shares |
| Re: CBN Lifts FX Restrictions On Milk, Dairy Products Import To Crash Prices by budaatum: 2:32pm On Mar 20 |
RenaissanceGuy: While increasing unemployment because you'd rather buy imports? 4 Likes 3 Shares |
| Re: CBN Lifts FX Restrictions On Milk, Dairy Products Import To Crash Prices by Didi2d(m): 2:33pm On Mar 20 |
RenaissanceGuy: Seriously, I don't know why the government are still wasting time on opening the border They should lift ban on rice, cos I don't understand why rice is still expensive. For over eight years, buhari government in other to encourage local farmers closed the borders, instead this move to make rice surplus and cheap, farmers decided to do otherwise 45 Likes 6 Shares |
| Re: CBN Lifts FX Restrictions On Milk, Dairy Products Import To Crash Prices by bonechamberlain(m): 2:40pm On Mar 20 |
 What is this government doing about production. We import milk, diary products, fish, chicken etc when we large swath of ocean, cows roaming aimlessly, vast lands. The greatest war Nigeria has been facing is economic war, both from external powers and internal saboteurs. There are some countries hell bent on ensuring Nigeria remains import dependent and there are some Nigerians hell bent on ensuring they are the only ones who should produce and sell food and other commodities. For the sake of humanity divide Nigeria.. Wole Soyinka. 12 Likes 3 Shares |
| Re: CBN Lifts FX Restrictions On Milk, Dairy Products Import To Crash Prices by DIVINEEVIDENCE: 2:40pm On Mar 20 |
Watch as importers will still exploit this window go make abnormal profits to the detriment of everyone else. 2 Likes |
| Re: CBN Lifts FX Restrictions On Milk, Dairy Products Import To Crash Prices by tefishy(m): 2:41pm On Mar 20 |
This is what is expected to be done on other basic commodities like rice, cement, wheat People are very hungry out there 25 Likes 2 Shares |
| Re: CBN Lifts FX Restrictions On Milk, Dairy Products Import To Crash Prices by Kingpele(m): 2:41pm On Mar 20 |
Try and error policies 3 Likes 3 Shares |
| Re: CBN Lifts FX Restrictions On Milk, Dairy Products Import To Crash Prices by mohbadliveson: 2:41pm On Mar 20 |
I must really commend Cardoso. Pounds and Dollars have been falling massively 12 Likes 4 Shares |
| Re: CBN Lifts FX Restrictions On Milk, Dairy Products Import To Crash Prices by Kingpele(m): 2:41pm On Mar 20 |
Try and error policies...this will further weaken the naira...more need for dollar will increase the value of dollar agains naira..this CBN governor na olodo 5 Likes 2 Shares |
| Re: CBN Lifts FX Restrictions On Milk, Dairy Products Import To Crash Prices by id4sho(m): 2:42pm On Mar 20 |
Why floating the naira.  APC economic policies ain't straight forward 2 Likes |
| Re: CBN Lifts FX Restrictions On Milk, Dairy Products Import To Crash Prices by SensualMan: 2:42pm On Mar 20 |
With Ebi n pawa on the rise, when was the last time that section of the country had milk nor diary products? The great Egyptian famine is coming, your screaming Ebi n pawa ooo will be a small thing. 3 Likes |
| Re: CBN Lifts FX Restrictions On Milk, Dairy Products Import To Crash Prices by Greenfusion: 2:42pm On Mar 20 |
Nbote:Lololol ..well said 2 Likes |
| Re: CBN Lifts FX Restrictions On Milk, Dairy Products Import To Crash Prices by searchng4love: 2:42pm On Mar 20 |
Nbote:The matter pain you gaaan 15 Likes 4 Shares |
| Re: CBN Lifts FX Restrictions On Milk, Dairy Products Import To Crash Prices by Greenfusion: 2:43pm On Mar 20 |
mohbadliveson:4 where please? 2 Likes |
| Re: CBN Lifts FX Restrictions On Milk, Dairy Products Import To Crash Prices by Taich(m): 2:43pm On Mar 20 |
Can someone explain to me how this will lead to the crash in price of diary products? Lifting ban by CBN means that diary importers can approach the bank for FX, banks will sale FX to importer at bank/black market rate. If importers have been importing since 2020 using parallel market when it would have been cheaper using banks why will price crash now the the bank and parallel rates are same? I will love to be schooled. Thanks in advance. 6 Likes |
| Re: CBN Lifts FX Restrictions On Milk, Dairy Products Import To Crash Prices by Lovenorth: 2:43pm On Mar 20 |
Trial and error government 5 Likes |
| Re: CBN Lifts FX Restrictions On Milk, Dairy Products Import To Crash Prices by tolue42(m): 2:44pm On Mar 20 |
The reason we shut our borders on this things doesn't work out a planned. Thanks to CBN for reviewing the policies again. 6 Likes 2 Shares |
| Re: CBN Lifts FX Restrictions On Milk, Dairy Products Import To Crash Prices by sofeo(m): 2:45pm On Mar 20 |
Alright |
| Re: CBN Lifts FX Restrictions On Milk, Dairy Products Import To Crash Prices by tolue42(m): 2:46pm On Mar 20 |
Lovenorth: You are the one not following. They shut the borders believing local productions will pick up and at a reduced price. But it's obvious our people are even selling at same price importers put on their goods despite sourcing for dollars through black market. So why continue suffering the citizens? 9 Likes |
| Re: CBN Lifts FX Restrictions On Milk, Dairy Products Import To Crash Prices by Omalicious1: 2:47pm On Mar 20 |
ijustdey: The middlemen wouldn't reduce the price... 2 Likes |
| Re: CBN Lifts FX Restrictions On Milk, Dairy Products Import To Crash Prices by Greenfusion: 2:47pm On Mar 20 |
Nbote:You are a legend .. 😂 lol 5 Likes |
| Re: CBN Lifts FX Restrictions On Milk, Dairy Products Import To Crash Prices by qtx(m): 2:47pm On Mar 20 |
| Re: CBN Lifts FX Restrictions On Milk, Dairy Products Import To Crash Prices by Nbote(m): 2:47pm On Mar 20 |
searchng4love: See how the mumu take connect a cbn policy to next cash and carry 6 Likes |
| Re: CBN Lifts FX Restrictions On Milk, Dairy Products Import To Crash Prices by Artscollection: 2:47pm On Mar 20 |
Open seme abeg 5 Likes |
Naira Depreciates Further As Dealers Await New FX Regime / HSBC And UBS Close Offices In Nigeria / Which Of The Two Pricing Options Do You Think Customers Will Grab Faster?
(Go Up)
| Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 35 |