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Nairaland Forum / Nairaland / General / Business / Many Companies Will Start Closing Shop Due To CBN Forex Policy – MAN (25600 Views)
41 Exempted Items: FG Dumps CBN’s Forex Policy / Forex Policy: IMF Lauds CBN, Naira Appreciates / CBN Forex Policy Irreversible — Saraki (2) (3) (4)
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Many Companies Will Start Closing Shop Due To CBN Forex Policy – MAN by theshadyexpress(m): 8:38am On Feb 20, 2016 |
The Manufacturers Association of Nigeria (MAN) has renewed its appeal to the Central Bank of Nigeria (CBN) to remove some items from the foreign exchange restriction list. https://www.today.ng/news/national/82022/many-companies-will-start-closing-shop-due-to-cbn-forex-policy-man 7 Likes |
Re: Many Companies Will Start Closing Shop Due To CBN Forex Policy – MAN by tabletman1: 8:41am On Feb 20, 2016 |
Hard times hard measures. Apc and buhari are bad luck to Nigerians. 33 Likes 3 Shares |
Re: Many Companies Will Start Closing Shop Due To CBN Forex Policy – MAN by ShowYourCertificate: 8:55am On Feb 20, 2016 |
Buhari is the biggest and oldest dullard alive. He doesn't even know simple economics. And it seems he has infected his cabinet members with his dullardness ![]() 114 Likes 12 Shares |
Re: Many Companies Will Start Closing Shop Due To CBN Forex Policy – MAN by talktonase(m): 8:56am On Feb 20, 2016 |
this is just season 1 of the suffering nigerians will experience...season 2 will be out soon. 35 Likes 4 Shares |
Re: Many Companies Will Start Closing Shop Due To CBN Forex Policy – MAN by deji68: 9:17am On Feb 20, 2016 |
DejavU...remind me of 1984-1985... ![]() ![]() ![]() ![]() ![]() 45 Likes 2 Shares |
Re: Many Companies Will Start Closing Shop Due To CBN Forex Policy – MAN by Nobody: 9:19am On Feb 20, 2016 |
The country has gone to the dogs....incompetence everywhere 36 Likes 2 Shares |
Re: Many Companies Will Start Closing Shop Due To CBN Forex Policy – MAN by AustineE1: 9:24am On Feb 20, 2016 |
One day we will all wake up to the realization that we are living in a failed economy,PMB seems to be on a mission to cripple this economy,all the economic gains of past administration has been put on auto-reverse. Oh Nigeria,a paradise lost...my heart bleeds. 59 Likes 6 Shares |
Re: Many Companies Will Start Closing Shop Due To CBN Forex Policy – MAN by chriskosherbal(m): 9:29am On Feb 20, 2016 |
Please ooo operation save the economy. 8 Likes 1 Share |
Re: Many Companies Will Start Closing Shop Due To CBN Forex Policy – MAN by LRNZH(m): 9:32am On Feb 20, 2016 |
What are these items that are essential raw materials? Let's hear what they are. 19 Likes 2 Shares |
Re: Many Companies Will Start Closing Shop Due To CBN Forex Policy – MAN by themilanway(m): 9:52am On Feb 20, 2016 |
LRNZH: Tooth pick,processed meat,vegetable ![]() ![]() ![]() ![]() ![]() ![]() Lemme stop here 21 Likes |
Re: Many Companies Will Start Closing Shop Due To CBN Forex Policy – MAN by LegatusGlaber(m): 9:57am On Feb 20, 2016 |
Why don't they list those important raw materials, who knows we might find a way of making them here. Otherwise, this is nothing but an emotional appeal and veiled threat 32 Likes |
Re: Many Companies Will Start Closing Shop Due To CBN Forex Policy – MAN by swtdrms(m): 9:59am On Feb 20, 2016 |
LRNZH:Don't mind the idiot MAN chairman, i had to reread the caption to be sure its not traders association saying this. What exactly are the raw materials that can't be sourced locally, let him list them. 22 Likes |
Re: Many Companies Will Start Closing Shop Due To CBN Forex Policy – MAN by Vision4God: 10:02am On Feb 20, 2016 |
Hhmmm |
Re: Many Companies Will Start Closing Shop Due To CBN Forex Policy – MAN by Ecoterrorism(f): 10:06am On Feb 20, 2016 |
swtdrms:do you think its evey raw material that can be sourced locally? Tone down your insults to get an Abrahamic age 39 Likes 3 Shares |
Re: Many Companies Will Start Closing Shop Due To CBN Forex Policy – MAN by LRNZH(m): 10:09am On Feb 20, 2016 |
Ecoterrorism: Something is amiss here. How can a MAN chairman make such appeal without listing in the least, a few of these items that are essential raw materials? Or is the CBN suppose to start guessing which of the 680 item is essential to MAN members? 19 Likes 1 Share |
Re: Many Companies Will Start Closing Shop Due To CBN Forex Policy – MAN by onatisi(m): 10:16am On Feb 20, 2016 |
talktonase:God bless you bro,pls tell them about the massive impending job cuts that is coming. Tell them about the more naira notes to be printed and the massive unprecedented social media clampdown that will soon happen. Nigerian have brought hardship upon themselves. 27 Likes 2 Shares |
Re: Many Companies Will Start Closing Shop Due To CBN Forex Policy – MAN by igwe123: 10:31am On Feb 20, 2016 |
swtdrms:Lol, the dullar.d is a superhuman to his zombies, any advise should be treated as IPOB sabotage. Yeye ppl 26 Likes 2 Shares |
Re: Many Companies Will Start Closing Shop Due To CBN Forex Policy – MAN by Nobody: 11:22am On Feb 20, 2016 |
They can give us a time frame of between 18 months and two years to develop the local product capacity for the items before including them in the list. So this people actually had no plan to stop importation before. They could actually source the raw material locally but just decided to import them 5 Likes |
Re: Many Companies Will Start Closing Shop Due To CBN Forex Policy – MAN by Krucifax(m): 12:06pm On Feb 20, 2016 |
Massive and large scale jobs cuts will be experienced this year it's inevitable. The government is understandably rationing dollars because there isn't enough to go round. However many businesses require the dollars to function. From Pharmaceutical companies that need chemical reagents not found in Nigeria to Factories that require equipment and parts also not found in Nigeria. Before you ask these companies to patronise local products the local products have to be in existence. It's a catch 22 situation. One that can only be addressed with astute fiscal and economic policies from people that actually know what they are doing. And this is my biggest worry for Nigeria. 30 Likes 4 Shares |
Re: Many Companies Will Start Closing Shop Due To CBN Forex Policy – MAN by fitzmayowa: 12:08pm On Feb 20, 2016 |
ShowYourCertificate: Walahi you get bad mouth... ![]() ![]() ![]() 13 Likes |
Re: Many Companies Will Start Closing Shop Due To CBN Forex Policy – MAN by fitzmayowa: 12:12pm On Feb 20, 2016 |
onatisi: The more reason why nigerians should always ask the kind of "CHANGE" they want, when next someone comes screaming "CHANGE"...SMH 16 Likes 1 Share |
Re: Many Companies Will Start Closing Shop Due To CBN Forex Policy – MAN by Emekamex(m): 12:12pm On Feb 20, 2016 |
And Buhari is busy wasting the few dollars we have on futile trips. 28 Likes 3 Shares
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Re: Many Companies Will Start Closing Shop Due To CBN Forex Policy – MAN by joeprince23(m): 12:28pm On Feb 20, 2016 |
The cluelessness of this APC led FG is just mind bloggling, primitive and disastrious policies all the time,they can't even mitigate the slump in naira and collapse in our economy. Nigeria is on auto pilot 15 Likes |
Re: Many Companies Will Start Closing Shop Due To CBN Forex Policy – MAN by onatisi(m): 12:35pm On Feb 20, 2016 |
fitzmayowa: 8 Likes 1 Share
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Re: Many Companies Will Start Closing Shop Due To CBN Forex Policy – MAN by onatisi(m): 12:37pm On Feb 20, 2016 |
![]() ShowYourCertificate: 6 Likes
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Re: Many Companies Will Start Closing Shop Due To CBN Forex Policy – MAN by sinkhole: 12:43pm On Feb 20, 2016 |
It is the fault of news reporting in Nigeria, they should have asked the MAN person to list some of the raw materials! But meanwhile, we know that machines and vehicles spare parts are raw materials that are not made in Nigeria, electronic components are also not made in Nigeria and so on! 2 Likes |
Re: Many Companies Will Start Closing Shop Due To CBN Forex Policy – MAN by mordsith: 1:39pm On Feb 20, 2016 |
Sai Buhari sai Buhari LOL 1 Like |
Re: Many Companies Will Start Closing Shop Due To CBN Forex Policy – MAN by Pavarottii(m): 1:45pm On Feb 20, 2016 |
CHANGE Thank God change does not know which party u support wen. It's starting working whether good or bad; by the time zombies start loosing jobs personally or their parents or family members. Am sure the zombie juju will clear by force. I just laff in Spanish. Please Zombies wen the economy hit ur household personally. Don't hide it ooo.. even if u doj how long can u hide it for? Wat I know is that the same way people loved Buhari, will be d same way they will hate him b4 he even finishes2017. Cos I don't see Buhari surviving 2019 economically. Well only time will vindicate me. So let's watch as things unfold. 23 Likes
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Re: Many Companies Will Start Closing Shop Due To CBN Forex Policy – MAN by Firefire(m): 2:46pm On Feb 20, 2016 |
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Re: Many Companies Will Start Closing Shop Due To CBN Forex Policy – MAN by Dollarchap(m): 2:48pm On Feb 20, 2016 |
Devaluation of currency cannot in any way help our economy. Nigerian economy is import driven. Until we shift our focus from oil and begin to export non-oil products and still maintain positive balance of payments, devaluation will continue to kill our economy. I think the problem is that our government considered only our external reserves when they devalued the currency. But what of the other macro economic variables? Government should please reverse this policy for the sake of small and medium scale enterprises. 4 Likes
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Re: Many Companies Will Start Closing Shop Due To CBN Forex Policy – MAN by Saifullah01: 2:48pm On Feb 20, 2016 |
MAN should realise that PMB is trying to optimise the utility of our current reserves subject to a constraint of falling oil prices and unlimited 'raw materials' to be put on that list. So my advice is this: As unauthodox as it may seem this is a time for Nigeria to boost its local industries. This is like a protectionist regime imposed by the government for local manufacturing to take advantage of by governments refusial to devalue. I was in kaduna yesterday and met with one of sokoto state government officials, he told me he was coming back from inoson motors HQ to discuss the possibility of supplying 800 sedans to the state government (and am very sure other states are looking towards that direction too). My fear is does inoson motors have the capacity to service this sudden interest in their motors. So rather than MAN complain on government FX policies they should encourage their members to seize the opportunity. I expect inoson motors to drag CBN top officials to their plant - just like dangote did to his refinery - and secure commitment from the CBN to prioritise them if they choose to request FX for expansion of operations. I read an article once in the Harvard business review about international businesses in China, the author was complaining about how it takes more than 6 months to obtain a 1 year business permit in China! (You think that was just because of bureaucracy? ). That was their government delibrately protecting local companies from foreign competitors. Little wonder Chinese companies are number 1 in all sector of their economy. And those that feel devaluation provides some sort of silver bullet, if we devalue then what? Devaluation is meant to reduce the pressure on governments scarce dollar reserves by freeing it up for "other purposes". But by banning non essential items (call controlled devaluation) government has effectively freed up FX for essential purpose or "other purposes" like importation of raw materials and spare parts for local manufacturing. So let's not get it twisted, devaluation of the naira won't bring down the price the perfume (Montale - black auod) I coughed out 39k naira to buy online to 19k naira. 11 Likes 2 Shares |
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