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Nairaland Forum / Nairaland / General / Business / CBN Averts Closure Of 200 Manufacturing Firms Through Forex Access (17483 Views)
CBN Pumps $195Million To Boost Forex Market, As Naira Firms Up / FG Creating Billionaires Through Forex – Sanusi / Dubai Banks Order Closure Of Nigerians' Accounts (2) (3) (4)
Re: CBN Averts Closure Of 200 Manufacturing Firms Through Forex Access by modath(f): 6:16am On Apr 11, 2016 |
francizy: Abegi, which thread? restricting Forex for which businesses? So they were supposed to give blood when oil was trading at 27$? You are unaware that oil price has improved &CBN is in a better position to allocate more forex to manufacturers ONLY? with plans to do more when price improves further!! No, that can't be tenable, holding on to bias is more fun!! Talking of diversification when there isn't enough fund presently to improve lives of everyday people, let alone set aside! How is it possible to have left overs when there is barely enough to eat to stave off starvation? ![]() You people just stay in one corner disturbing public peace because hero IB failed, electoral loss is not the end of life, people can still live beautiful & purposeful lives despite that!! ![]() BTW, those 41 banned items still remain so & will still have to go to the BM! ![]() 2 Likes |
Re: CBN Averts Closure Of 200 Manufacturing Firms Through Forex Access by Nobody: 6:17am On Apr 11, 2016 |
My last comment on this thread....I hope to come back. Many oil countries are having the same industrial based problems as Nigeria. Take Venezuela. It's major beer manufacturer has issues keeping up beer production....because they import the barley used to make beer , and they need dollars for that. But the Venezuelan Central bank won't release the dollars....so beer manufacturing in Venezuela is problematic now. (Nigerian beer drinkers need not worry about such a situation repeating itself here...Nigerian companies have long since sourced a large chunk of their raw materials locally.). If the Venezuelan Central Bank released dollars to the beer company....it might have to devalue the Bolivar (the currency)...leading to increased costs of beer....low profits for the beer company, and the beer company eventually having to lay off staff...and closing . If the Bank on the other hand kept the dollars....the beer company would be forced to close for lack of raw materials. Ultimate catch-22 situation. 2 Likes 1 Share |
Re: CBN Averts Closure Of 200 Manufacturing Firms Through Forex Access by kelvinovie(m): 6:19am On Apr 11, 2016 |
This country Nigeria is always giving out jokes. The damage this policy has caused can be felt already. Why government will make policy to kill the economy, I can't comprehend. |
Re: CBN Averts Closure Of 200 Manufacturing Firms Through Forex Access by modath(f): 6:22am On Apr 11, 2016 |
rudebouy: Good news, not in the realm of joy unlimited but in the sigh of relief "hunger nor go kill people" finish mind set!! Cars ko, Airbus A380 ni!! We can't even produce toothpicks & pencils! ![]() ![]() |
Re: CBN Averts Closure Of 200 Manufacturing Firms Through Forex Access by Ramanto(m): 6:22am On Apr 11, 2016 |
Some Of The Manufacturers Are Bound To Abuse The Gesture. Instead Of Using The Forex For The Primary Purpose Of Its Disbursment, They Will Start Round Tripping (selling In The Black Market).. At The End The Closure Of These Manufacturing Companies May Be Inevitable. Second, For How Long Will The CBN Continue This Gesture? It's Obvious It Can't Survive The Test Of Time, Why Not Look For An Enduring Solution To This? God Bless Nigeria And Guide Our Policy Makers 1 Like |
Re: CBN Averts Closure Of 200 Manufacturing Firms Through Forex Access by Nobody: 6:22am On Apr 11, 2016 |
kelvinovie: So...you want the government to release dollars....meaning the naira loses value faster....and the resulting inflation makes the goods the industries produce too expensive...leading to low or zero profits....and at the end of the day....the same industries close down? You accuse the government of killing the economy....and then propose polices that would do exactly the same thing. Better our industries develop local sources of raw materials...instead of looking for raw materials outside. 1 Like |
Re: CBN Averts Closure Of 200 Manufacturing Firms Through Forex Access by francizy(m): 6:26am On Apr 11, 2016 |
modath: I can see people living beautiful and purposeful lives on their car hoods at petrol stations and in darkness... Hahahahahahah ![]() ![]() There's no forex, there's no forex, but the likes of Shehu Garba and Aisha Buhari have forex to sell to black markets kwo? Muhahahahaha! Tell me another joke! ![]() ![]() On the diversification stuff, you claim there are no funds but yet several billions were budgeted for irrelevancies? Buhahahahahaha! You'd make a great comedian dearie! ![]() ![]() 2 Likes 1 Share |
Re: CBN Averts Closure Of 200 Manufacturing Firms Through Forex Access by jadakiss213(m): 6:27am On Apr 11, 2016 |
modath:Must u politicise everything ![]() |
Re: CBN Averts Closure Of 200 Manufacturing Firms Through Forex Access by repogirl(f): 6:31am On Apr 11, 2016 |
Stúpid CBN and Boooooohari with their haphazard, half thought out policies. Is this not the locally made products that they have been shouting since that are almost folding up because of stúpid policies? If these old companies are folding up because of lack of forex, how will it be possible that new ones will spring up? Foolish people! Incompetent buffoons! . 3 Likes |
Re: CBN Averts Closure Of 200 Manufacturing Firms Through Forex Access by Nobody: 6:39am On Apr 11, 2016 |
jadakiss213: On the other hand....if CBN let the industries have all the dollars they wanted...it might devalue the naira...leading to inflation, and the industries' products being expensive...leading to low profits for the industries....and the industries having to cut jobs. Them industries should start looking for raw materials in Nigeria. |
Re: CBN Averts Closure Of 200 Manufacturing Firms Through Forex Access by christinie(f): 6:47am On Apr 11, 2016 |
These issues were never there in the first place prior to May, 29th, 2015. Buhari is like an evil witchdoctor who casts spells on innocent communities and is later consulted by the same people to 'cure' them and he does so half-way and ends up receiving money and glory/praises from the same people. He is really dragging Nigeria backward with his unpopular policies and whenever he manages to soft-pedal on any of the killing policies and things look better a little bit some gullible people, especially his paid agents begin to praise him as if he performed magic. Am glad he's on his way to China. Let him go there and see how the Chinese Government supports manufacturers. In China, if as a manufacturer you are not able to sell what you manufactured after a reasonably time, the Government buys the product from you. The Chinese Government does not joke with manufacturers. Buhari needs leadership training, honestly. NB: don't quote me if you are a local champion. You cannot stay in your village to know what happens globally and trust me reading things up is never enough. 1 Like |
Re: CBN Averts Closure Of 200 Manufacturing Firms Through Forex Access by ilyas26(m): 6:52am On Apr 11, 2016 |
Policies ain't meant to be rigid, they are meant to be flexible |
Re: CBN Averts Closure Of 200 Manufacturing Firms Through Forex Access by sindan: 6:59am On Apr 11, 2016 |
Ramanto: You are there |
Re: CBN Averts Closure Of 200 Manufacturing Firms Through Forex Access by nelcliff(m): 7:26am On Apr 11, 2016 |
The only gov't that is going back and front... change APC 1 Like |
Re: CBN Averts Closure Of 200 Manufacturing Firms Through Forex Access by donbrowser(m): 7:32am On Apr 11, 2016 |
Quakertellicus1:Very unbias, some nitwits would have blamed Jonathan. Think before you quote! I voted for Kowa last year. |
Re: CBN Averts Closure Of 200 Manufacturing Firms Through Forex Access by Nobody: 7:36am On Apr 11, 2016 |
Quakertellicus1: MAN has to start looking inwards for some of its raw material needs. I am aware that this is already the case. This article is basically a bit of chest beating by a MAN official. Fact is factory side job losses are much less than services side. Industry is marching on based on governments readiness to defend many markets from cheap imports. |
Re: CBN Averts Closure Of 200 Manufacturing Firms Through Forex Access by repogirl(f): 7:37am On Apr 11, 2016 |
These 200 companies who are they and what makes them eligible for the forex? You mean the whole of Nigeria has only 200 manufacturing firms? Abi these are the firms that have close ties with Boooohari, CBN and cohorts? Make dem dey deceive theirsef, bunch of incompetent buffoons. 3 Likes 1 Share |
Re: CBN Averts Closure Of 200 Manufacturing Firms Through Forex Access by Nobody: 7:41am On Apr 11, 2016 |
Some people won't understand. They all think it's buhari. They want to live in abundance when there is no money. Yet they want improved social amenities. Maybe PMB should borrow those money and give them to import goods for us. Quakertellicus1: |
Re: CBN Averts Closure Of 200 Manufacturing Firms Through Forex Access by Nobody: 7:44am On Apr 11, 2016 |
christinie: |
Re: CBN Averts Closure Of 200 Manufacturing Firms Through Forex Access by AreaFada2: 7:51am On Apr 11, 2016 |
Emekamex: Why fashion a policy that will collapse manufacturing sector in the first place, only to then start scrambling to save them again? How's that progressive politics? Is it not the ultimate height of cluelessness? ![]() ![]() |
Re: CBN Averts Closure Of 200 Manufacturing Firms Through Forex Access by UncleJudax(m): 7:52am On Apr 11, 2016 |
modath:Yeye de smell. Shey no be una talk say CBN forex policies no get negative effect on manufacturing. ![]() Talking from both sides of your Mouth? You sycophants are incredibly unstable. |
Re: CBN Averts Closure Of 200 Manufacturing Firms Through Forex Access by christinie(f): 7:57am On Apr 11, 2016 |
In 2008 the price of crude oil fell to $38, $2 less than it's current price but none of us noticed that because we had a good leader at the helms of affairs of the country. Buhari lacks leadership ability. [quote author=greenpasture post=44595404][/quote] |
Re: CBN Averts Closure Of 200 Manufacturing Firms Through Forex Access by AreaFada2: 8:02am On Apr 11, 2016 |
PUSH1: The fact remains that his policies are harming the economy. Economy is contracting, reduced Purchasing managers index (PMI) and there are job losses and therefore reduced tax intake & there's inflation. Serious countries take these established economic indices seriously. Buhari should focus on reducing recurrent expenditure. If he's brave, he should take on NASS to slash their over-bloated allowances. Practice the frugality that he likes to sing about. Toughening monetary policy has to be gradual and in phases. Otherwise he will be strangulating the economy as we can see now. 2 Likes |
Re: CBN Averts Closure Of 200 Manufacturing Firms Through Forex Access by anonimi: 8:32am On Apr 11, 2016 |
modath: I can understand your eagerness for good news however it is always better to read and understand very well before commenting. I met with MAN members and conveyed the message that their requests are being attended to and they are happy that although that is not exactly what they want but that they are happy that something is happening. I am very happy about where we are today and we hope the CBN will sustain this. You may want to hold on to rejoicing a little longer to allow for the requests to actually BE attended to with results. Cheers. Proud Wailer. www.nairaland.com/attachments/2831915_wailingforabettertommorow_jpeg_jpegd26a773a99cf2b0f93fe685761f614da |
Re: CBN Averts Closure Of 200 Manufacturing Firms Through Forex Access by rudebouy: 8:45am On Apr 11, 2016 |
modath: Yeah I get. Totally agree. At least hunger no go kill pesin. We cant produce those things in Nigeria simply becos economic we are economic slaves. The world has moved from human slave trade to economic slave trade. Dats why America has the guts to ask us to devalue the naira cos they know we are economic slaves and we are not even willing to free ourselves. |
Re: CBN Averts Closure Of 200 Manufacturing Firms Through Forex Access by anonimi: 8:51am On Apr 11, 2016 |
rudebouy: Why do you say we are not willing to free ourselves? What do you think it will take for us to free ourselves? Why is that missing and impossible with us ![]() Cheers. |
Re: CBN Averts Closure Of 200 Manufacturing Firms Through Forex Access by anonimi: 8:53am On Apr 11, 2016 |
francizy: Irrelevancies like this CORRUPT padding, you mean ![]() www.nairaland.com/attachments/3366370_125927734333042835425381910869646342089244n1_jpeg1d4b88cded8ebcb69839caf542969a5a Firefire: 1 Like 2 Shares |
Re: CBN Averts Closure Of 200 Manufacturing Firms Through Forex Access by Nobody: 8:56am On Apr 11, 2016 |
christinie: First off let's steer clear of personalities. They tend to obscure the real issues. The questions I have for you are; 1. What was the average price of crude between 2008 - 2015? And how much revenue accrued to the federation account during the same period? 2. What was the state of the Excess crude account and the FX reserves in 2008 - the reference date used by you? 3. Finally what was the position of the ECA, and FX reserves as at 29 May 2015? Fact? Nigeria has squandered it's second windfall. The first was the first Gulf War windfall. No doubt about it. It has failed to diversify it's economy. It has failed to provide hope to the millions of youth that attend it's underfunded University. Nigerian government has failed. Simple. Now let's look at the 2016 budget, lets track it's implementation and performance. This is no longer about the APC or the PDP it's about youth who have nowhere to go, retirees whose pensions haven't been funded, it's about the babies and mothers that die everyday because hospital care is bad. It's about young adults who should be married but can't leave home because they can't afford to. It's not about Buhari. It's about what you and I are going to do this morning, the choices we make and the skills we leverage. PMB is the president we have until 2019. Scrutinize him, monitor his programs, call him out of his promises. But don't throw stones at a person who hasn't even appropriated his first budget. Let's keep it thoughtful and high bandwidth. 1 Like |
Re: CBN Averts Closure Of 200 Manufacturing Firms Through Forex Access by prince088: 9:01am On Apr 11, 2016 |
Quakertellicus1: If you are a graduate, and u still bliv the nonsense you put in bracket. Then am sorry for u. You are part of the people that listen to beer parlor gist. Despite no one able to provide evidence, and hearing on media stations that Buhari never said so, u still put it up on the media to make a point. It is well |
Re: CBN Averts Closure Of 200 Manufacturing Firms Through Forex Access by rudebouy: 9:51am On Apr 11, 2016 |
anonimi: Becos we dont want to as a people. We are waiting for the government to think for us, plan for us and do everything for us. We have never demanded for our economic freedom from the govt. And the govt on the other hand keeps taking care of our ignorance to enrich themselves. Until Nigerians collectively want Nigeria to develop we will never be free. Hope I answered ur question?8-) 1 Like 1 Share |
Re: CBN Averts Closure Of 200 Manufacturing Firms Through Forex Access by amazingspiderma: 9:54am On Apr 11, 2016 |
It is not just enough to provide dollars to those companies , they should be mandated them to keep a favorable portion of the money within the Nigerian economy within a specified period of time. They should also meet certain or made to adjust to conditions such jobs quota and job creation for Nigerians all within the set period. Whatever financial assistance there is,there must be strings attached in order to create win-win financial decisions. Then the government can kill two birds with one stone. |
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