winodey:
Actor Ik Ogbonna And Sonia Morales Set To Wed
www.steadygist.com/2015/06/actor-ik-ogbonna-and-sonia-morales-set.html?m=1a

Flets:
Buhari's government have started on a very wrong note. They are getting it wrong on all sides.... maybe we should have insisted in sighting that WAEC certificate.

So many disjointed policies..... You lift the ban on furniture and textile thereby discouraging the local industry and two days after the ban rice, margarine cement importers from obtaining FX from banks under the guise of encouraging local industry.

Why take such step at a time your naira is struggling knowing fully well that these guys would dive into the parallel market causing some scarcity and driving up parallel prices?.... why not increase the import duties on these products instead to discourage import and encourage local production? why stifle an already struggling FX environment.

Absolutely silly decisions by Buhari and his co-travellers

asuustrike2009:

You and I know that if there's increase in import duties, some of us will still complain and call him clueless. Although am against lifting the ban on foreign furniture e.t.c because it discourages local production.

Lakeshizu:
Your first statement is wrong, did you remember that CBN recently registered Bureau the Change agents. With that they will monitor and control their activities.

Luedave:
what is CBN

ideologies:
It's very unfortunate people don't understand policies and nobody is educating the masses.

The restrictions on FX is because of falling value of Naira.

1. The policy discourages importation/capital flight , hence enteprenuers are supposed to seek alternatives like producing these items and exporting them.
This way the value of naira will increase

2. Also those exporting raw materials should add value to it which will in turn add value to naira
Eg raw materials like cashew, cassAva, timber solid minerals etc that we export should be added value and turned into a finished product. instead of importing these finished products.

3. The banks are at fault, they refuse to give loans to SME's because they want high interest. This will encourage manufacturing industries hence the value of naira would rise. They rather give the loans to big ogas most of them are into importation busineses(capital flight) hence the value of naira will keep falling.

4. Nigeria have depended for so long on Fx from crude oil, and not reinvesting in other sectors. Time to diversify. #Solid minerals and Agriculture is the future

As long as we keep importing, the value of naira will continue to drop.
Thank God they are planning to place bans on more items

chukuli:
make sure it is frm ukwale

Youngzedd:



The banks are after their interest alone.

Kufie:
Man I'm sick of this country already. They never get anything right.

Kufie:
Man I'm sick of this country already. They never get anything right.

Kufie:
Man I'm sick of this country already. They never get anything right.

“ There is very little the CBN Governor can do in isolation and must partner with other arms of government to avoid a run-away value of the naira,
” said Femi Olaloku, Executive Director, Treasury at UBA said.

Flets:
Buhari's government have started on a very wrong note. They are getting it wrong on all sides.... maybe we should have insisted in sighting that WAEC certificate.

So many disjointed policies..... You lift the ban on furniture and textile thereby discouraging the local industry and two days after the ban rice, margarine cement importers from obtaining FX from banks under the guise of encouraging local industry.

Why take such step at a time your naira is struggling knowing fully well that these guys would dive into the parallel market causing some scarcity and driving up parallel prices?.... why not increase the import duties on these products instead to discourage import and encourage local production? why stifle an already struggling FX environment.

Absolutely silly decisions by Buhari and his co-travellers

grandstar:
The CBN's currency reestrictions are proving ruinous.

The acceptable disparity between the official and parrallel market must not be more than 3% as it encourages round tripping.

Presaently the disparity is over 10% i.e. N199 at the official and 226 at the black market!

He has to accept a devaluation or else things will only get worse.

The country at this point needs a new CBN governor, one that will wake up to the present realities.

I know many support his policies saying why should the CBN provide funds for frivolous imports such as private jets and things we can make locally.

Sadly for you, imports are extremely important to an economy. That is why governments all over the world sign free trade agreements.

The importation of wheat and rice provides income for millions of Nigerians directly and indirectly and provides huge tax revenues to the government.

As a former customs officer who is now in the house said, high tariffs simply encourage smuggling, bringing high risks to customs officials and denies government lots of tax revenue.

Devaluations are not bad.

Devaluations are not bad.

If the demand for forex is greater than supply, your currency will weaken making imports costlier and cutting demand for forex.

A weak currency will make your exports more competitive leading to an increase in exports which will lead also to an increase in forex receipts and ultimately a rebound in the exchange rate

litaninja:
While mostly true, in my humble opinion, I think there's a bit of putting the cart before the horse here. We are importing majorly because the infrastructure needed to produce over here are not in place. I believe some of these need to be addressed BEFORE the constriction and restrictions are put in place...

naijaFrank:


I absolutely agree --- The Naira is overvalued and should be allowed to take its rightful place in the 300's or 400's per dollar. If Oil is the government's only revenue stream.. Since Oil has been devalued by the saudis trying to kill fracking in USA-- Shouldn't our currency also be devalued to find its rightful place? are we fooling ourselves with all these measures that lead nowhere?

The CBN has been writing threatening letters to exporters to remit foreign currency and outrightly banning importers from the FX in a country that imports 70% of items in the marketplace - is that really smart?

Threatening exporters with fines and blacklisting is encouraging us to look offshore for our banking needs... That way, Nigerian goods/Raw materials will continue to leave our shores and CBN will not see one dollar remittance coming in.

If you want local businesses to grow - give us power and an enabling environment first then you can gradually bring your restrictions when industry is mature...

egbojohn:
hope this move helps the economy
http://www.chinnko.com/index.php?u=/topic/494/chinese-watchdog-makes-sweeping-auto-recalls

Flets:
Buhari's government have started on a very wrong note. They are getting it wrong on all sides.... maybe we should have insisted in sighting that WAEC certificate.

So many disjointed policies..... You lift the ban on furniture and textile thereby discouraging the local industry and two days after the ban rice, margarine cement importers from obtaining FX from banks under the guise of encouraging local industry.

Why take such step at a time your naira is struggling knowing fully well that these guys would dive into the parallel market causing some scarcity and driving up parallel prices?.... why not increase the import duties on these products instead to discourage import and encourage local production? why stifle an already struggling FX environment.

Absolutely silly decisions by Buhari and his co-travellers

ideologies:
It's very unfortunate people don't understand policies and nobody is educating the masses.

The restrictions on FX is because of falling value of Naira.

1. The policy discourages importation/capital flight , hence enteprenuers are supposed to seek alternatives like producing these items and exporting them.
This way the value of naira will increase

2. Also those exporting raw materials should add value to it which will in turn add value to naira
Eg raw materials like cashew, cassAva, timber solid minerals etc that we export should be added value and turned into a finished product. instead of importing these finished products.

3. The banks are at fault, they refuse to give loans to SME's because they want high interest. This will encourage manufacturing industries hence the value of naira would rise. They rather give the loans to big ogas most of them are into importation busineses(capital flight) hence the value of naira will keep falling.

4. Nigeria have depended for so long on Fx from crude oil, and not reinvesting in other sectors. Time to diversify. #Solid minerals and Agriculture is the future

As long as we keep importing, the value of naira will continue to drop.
Thank God they are planning to place bans on more items