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Nairaland Forum / Nairaland / General / Business / Why You Should Worry Again About The Central Bank’s New Forex Ban (21627 Views)
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Why You Should Worry Again About The Central Bank’s New Forex Ban by Blue3k(m): 11:41pm On Mar 11, 2019 |
Nigeria’s Central Bank Governor Godwin Emefiele has just issued a directive to the effect that traders in “all forms” of textile and clothing import business will no longer obtain access to foreign exchange for their transactions. In a meeting with cotton sector lobbyists (Nigeria Cotton Association), Emefiele also vowed to go a step further to give hell to “recalcitrant smugglers”. Source: http://www.thescoopng.com/2019/03/06/why-you-should-worry-again-about-the-central-banks-new-forex-ban/ 10 Likes 1 Share |
Re: Why You Should Worry Again About The Central Bank’s New Forex Ban by Blue3k(m): 12:04am On Mar 12, 2019 |
The import ban wont address the power issue which has been bane of productivity. The other textile initiatives failed for similar reasons. The smugglers are rampant on west and north ready to bring it it. People can still import goods they'll just have to source forex themselves. Expect clothes to cost a little more in the mean time. However, Nigeria’s sudden interest in restricting textile import following a $2billion textile investment deal signed with China at the 2018 FOCAC stokes curiosity. The conspiracy theory leveled here is interesting but that would be dumb of Nigeria. They could was after the plants are built before adding it to forex ban. I do believe these new free trade zone projects will help since they have good incentives and they'll tackle power issues. 11 Likes 2 Shares |
Re: Why You Should Worry Again About The Central Bank’s New Forex Ban by Jestin: 6:06am On Mar 12, 2019 |
Before you place ban on importation, we should have enough locally produced products first 55 Likes 2 Shares |
Re: Why You Should Worry Again About The Central Bank’s New Forex Ban by 3rdavefarms(m): 6:07am On Mar 12, 2019 |
And so 1 Like 1 Share |
Re: Why You Should Worry Again About The Central Bank’s New Forex Ban by CodeTemplar: 6:08am On Mar 12, 2019 |
While revival of our textile industry is a good move, I have no doubt Buhari is pursuing it above other alternatives because it favours the north far more than it does the south. He tried to hit full throttle with the northern dream in his first tern and there was a uproar, now there is nothing to lose and I am sure bubu will gladly ignore contrary advises. 19 Likes |
Re: Why You Should Worry Again About The Central Bank’s New Forex Ban by InaNla(f): 6:09am On Mar 12, 2019 |
Buhari and his usual strange economic policies. Hope we get it right this time... 9 Likes 1 Share |
Re: Why You Should Worry Again About The Central Bank’s New Forex Ban by Dukeolumidemans(m): 6:10am On Mar 12, 2019 |
Good one. |
Re: Why You Should Worry Again About The Central Bank’s New Forex Ban by MANNABBQGRILLS: 6:10am On Mar 12, 2019 |
Bottom line is that Nigeria stands no chance to compete in the international textile trade. Nigeria does not produce enough cotton, Nigeria’s cotton is ranked low grade internationally, energy costs are up, and logistics costs are upWe will definitely start somewhere. All these develop countries started from somewhere. Our country was taken back many many years in lack of development by some evil, criminal politicians. We are on the track to a New Nigeria. 37 Likes 5 Shares |
Re: Why You Should Worry Again About The Central Bank’s New Forex Ban by solablings(f): 6:10am On Mar 12, 2019 |
RIP ON ARRIVAL 1 Like |
Re: Why You Should Worry Again About The Central Bank’s New Forex Ban by samintegrity(m): 6:10am On Mar 12, 2019 |
Hmmmm |
Re: Why You Should Worry Again About The Central Bank’s New Forex Ban by timilehing(m): 6:11am On Mar 12, 2019 |
#NextLevel ![]() ![]() 14 Likes 2 Shares
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Re: Why You Should Worry Again About The Central Bank’s New Forex Ban by nymphomaniac(m): 6:12am On Mar 12, 2019 |
Might be good for us Sha. The future will tell |
Re: Why You Should Worry Again About The Central Bank’s New Forex Ban by solablings(f): 6:12am On Mar 12, 2019 |
Oloye get what right? We're in it for real for another 4 hectic years. Omo iya mi G Masun InaNla: 8 Likes 1 Share
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Re: Why You Should Worry Again About The Central Bank’s New Forex Ban by udoka55555: 6:12am On Mar 12, 2019 |
let me rush and buy clothes now before the price goes up!!! omo see business.... 4 Likes |
Re: Why You Should Worry Again About The Central Bank’s New Forex Ban by RALPHOW(m): 6:13am On Mar 12, 2019 |
I think the guy either lack wisdom, knowledge of his job or wicked ( benefiting from the hardship) Naira was N150 /$ when he became the CBN governor under his watch and programs its now N360/$. 6 Likes |
Re: Why You Should Worry Again About The Central Bank’s New Forex Ban by CodeTemplar: 6:14am On Mar 12, 2019 |
post=76576597:Stop that. We have been down this military road before. Remember how OBJ kept preventing imports of certain products with the hope that it will spur local manufacturers. So what is Buhari doing different here. Nothing significant. He is only going for textile because he knows it will favour the north as usual. All his first term moves where directed that way and it took a timely uproar among others for him to soften the pedal on it. He is back at this destructive north-first mago-mago diversification drive and you know it. 8 Likes |
Re: Why You Should Worry Again About The Central Bank’s New Forex Ban by themosthigh: 6:14am On Mar 12, 2019 |
Lol |
Re: Why You Should Worry Again About The Central Bank’s New Forex Ban by MANNABBQGRILLS: 6:14am On Mar 12, 2019 |
Growing the textile industry is the Nigerian central banker’s explanation for the latest restriction. He is only going for textile because he knows it will favour the north as usual.Same ol' story! Rule 4 in life : Ignore this kind of person in life............he will get happy while you get dirty! 8 Likes 4 Shares |
Re: Why You Should Worry Again About The Central Bank’s New Forex Ban by sinaj(f): 6:15am On Mar 12, 2019 |
They have started again ![]() We dont have enough locally to go round, you didnt even check the effect and you rushing to place a ban like its the messiah ![]() 4 Likes |
Re: Why You Should Worry Again About The Central Bank’s New Forex Ban by henryobinna(m): 6:17am On Mar 12, 2019 |
Jestin:Nigerian government doesn't reason like that. That's how they banned rice importation, due to similar issue the price of locally produced rice also went up just as foreign ones. It's only later they'll start rethinking if what they did was wrong or right. Back and forth government 6 Likes |
Re: Why You Should Worry Again About The Central Bank’s New Forex Ban by jomoh: 6:17am On Mar 12, 2019 |
Let Nigerians start investing in textile industries rather than Davido spending $100k weekly on frivolities. Imagine if he invests his $400k monthly on his failed clothing line and wizkid also did same in his own clothing line won’t we have better textile industry. This is a very good development to encourage investors knowing that there is little or no competitor. 7 Likes |
Re: Why You Should Worry Again About The Central Bank’s New Forex Ban by izuch(m): 6:19am On Mar 12, 2019 |
This Is the kind of policy we need to grow our economy, everything will gradually fall into place, power supply will increase ( necessity is the mother of invention), domestic Cotton production will increase since the demand will increase. Job opportunities in cotton farming and textile industry will also increase, more revenue for the FG from taxes. The ban on foreign rice increased local production and created a lot of opportunities despite sabotage from daredevil smugglers. ( farming the rice, processing i.e de-stoneing and polishing the rice, domestic production of bags for the rice etc). Let us learn from other more successful countries like north Korea. Let us be optimistic and hope that this policy will do us good in the long run. I look forward to the day Nigeria will stop importing PMS and other allied products. A journey of a thousand miles begins with a single step, we must endure whatever hardship this ban will cause for us to create a better Nigeria. Nigeria will be great again. LONG LIVE THE FEDERAL REPUBLIC OF NIGERIA!!!! 15 Likes 3 Shares |
Re: Why You Should Worry Again About The Central Bank’s New Forex Ban by Obere4u: 6:22am On Mar 12, 2019 |
RALPHOW: Exchange rate doesn't really equate to strong economy. 6 Likes |
Re: Why You Should Worry Again About The Central Bank’s New Forex Ban by CodeTemplar: 6:22am On Mar 12, 2019 |
post=76576672:Please what is rule 1-3 ? |
Re: Why You Should Worry Again About The Central Bank’s New Forex Ban by MANNABBQGRILLS: 6:23am On Mar 12, 2019 |
CodeTemplar:Why are you dying and craving so much for our attention on a daily basis?! Is everything okay boy?! Make your comment and disappear to wherever you crawled out from! 3 Likes 2 Shares |
Re: Why You Should Worry Again About The Central Bank’s New Forex Ban by CodeTemplar: 6:24am On Mar 12, 2019 |
post=76576597:Still blaming people? Na wah oh... 6 Likes |
Re: Why You Should Worry Again About The Central Bank’s New Forex Ban by Nobody: 6:25am On Mar 12, 2019 |
How you want to grow a whole textile industry without power baffles me. Government needs to stop thinking they will always be funded enough to intervene in sectors that should be private investment driven. How long can the CBN sustain Nigeria Forex with global unforeseen circumstances? In Nigeria, we only think of today without calculating the probability of the future risks. China may decide to pull out and we will be left with a dwindling economy 13 Likes |
Re: Why You Should Worry Again About The Central Bank’s New Forex Ban by theoldpretender(m): 6:26am On Mar 12, 2019 |
RALPHOW: When he became CBN governor....we were selling oil for over 100 us dollars...and sice then it has fallen to as low as 29 USD and is now below 60 usd Naturally, our forex earnings have fallen....so the value of the naira falls since the amount of dollars available to buffer the naira has fallen 4 Likes |
Re: Why You Should Worry Again About The Central Bank’s New Forex Ban by theoldpretender(m): 6:26am On Mar 12, 2019 |
eddiebruk: At the same time Nigeria is shortchanging the power industry. 1.DISCOS are being forced by law to charge for power below the cost of production. That is why DISCOS cannot accept all the power GENCOS send...they can't afford it. 2.DISCOS are owed N1trillion by government agencies, and also are owed same amount by consumers. And as a recent BBC programme put it, about 1/3rd of consumers pay for power. 3.Fixing power requires billions of dollars...and since Nigerians and their government are not paying up...how do we fix power? 5 Likes 1 Share |
Re: Why You Should Worry Again About The Central Bank’s New Forex Ban by CodeTemplar: 6:28am On Mar 12, 2019 |
post=76576826:You sound like the boy here. Always quick to jump in and support a failing govt without properly relating to pressing issues. This move failed woefully in OBJ's time and I like to know what Buhari is doing differently to make it work. Is it the halfhearted corruption war? 11 Likes |
Re: Why You Should Worry Again About The Central Bank’s New Forex Ban by dante0147: 6:29am On Mar 12, 2019 |
You can’t say someone should eat and at that the same time you are hiding or not wanting to give the foood. 3 Likes |
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