Coldie:
Dollar scarcity, once that repatriated money from cocoa enters Nigeria they would trap it, either u take naira or leave it

This is the real issue. They want exchange dollars for farmer naira at 370 but farmers think they can get 470 from BDC.

Standing5:
In addition to frustrating the businesses of these men. If I am one of the exporters, I will open a dollar account and ask customers to pay a substantial part of my profit component into it.
Let CBN go and market oil or let them sell gold they are reserving.

How do you withdraw from the dollar account?

GIANTPLUSHUB:
Mheen! This policy doesn't look good. So, the farmer should repatriate the dollar to Nigeria while the government buys at cbn rate. Policy doesn't look good.

White people will use the cocoa to make chocolate and then we import the chocolate back here at exorbitant rate.
I lived overseas. Chocolate was like akara. Poor students, can buy and eat anyhow they like.
Nothing dey there. I didn't eat much so I don't gain excessive weight because that is very much possible.
But here in Nigeria, somebody will think 50 times before buying OUR OWN cocoa based chocolate again!
What nonsense.
Manufacture the chocolate here. We go chop am like that.

quentin06:


Hmm days serious, we shud chop only cow meat?

I guess that's what they want since border closure did not affect cattle herders and the cattle from crossing northern borders into the country

Even iced fish and frozen chicken/Turkey is so expensive

Seun:
Why should a government that wants to diversify the economy and strengthen the naira, impose rules that will make exportation more difficult?

because the export is not from Northern Nigeria

PHijo:


Zimbabwe will be like paradise! More like Venezuela. The primary issue is Buhari, not Emefiele. The CBN is overwhelmed. Both monetary and fiscal interventions have been left to them because the Buhari cabinet has failed to act.

I will Emefoele is equally stupid. He is not the first CBN governor to go against the wish of the president.

Must he die on the seat? Why cant he tell them the right thing.

uuzba:

White people will use the cocoa to make chocolate and then we import the chocolate back here at exorbitant rate.
I lived overseas. Chocolate was like akara. Poor students, can buy and eat anyhow they like.
Nothing dey there. I didn't eat much so I don't gain excessive weight because that is very much possible.
But here in Nigeria, somebody will think 50 times before buying OUR OWN cocoa based chocolate again!
What nonsense.
Manufacture the chocolate here. We go chop am like that.

A bar of chocolate is sold for $1 -2 in most stores abroad . Any child can buy it. Meanwhile a bag of cocoa takes a whole day for a local farm laborer to process. They are paid less than $2 a day.
So a grown man with family in Nigeria works a day just to earn enough for a bar of chocolate.

The core problem is balance of trade and unfair trade which consequential leads to unfair commodity pricing by imperialistic multinational companies like nestle and Cadbury.
If cocoa is to be priced well at the international market, farmers would be better off.
Anyway let’s see want NOI will do if she ever gets the WTO job.

You assume that what they "say" they want and what they "really" want are the same.

Seun:
Why should a government that wants to diversify the economy and strengthen the naira, impose rules that will make exportation more difficult?

lastclaire4:


I will Emefoele is equally stupid. He is not the first CBN governor to go against the wish of the president.

Must he die on the seat? Why cant he tell them the right thing.

Even if he goes against the wish of the president that wouldn't be enough. He and the finance minister( at least). Will have to go against the wish of the president.

Due to Nigeria's over reliance on oil and gas, the president, being the petroleum minister would be crucial to any far reaching fiscal reform.

Standing5:
In addition to frustrating the businesses of these men. If I am one of the exporters, I will open a dollar account and ask customers to pay a substantial part of my profit component into it.
Let CBN go and market oil or let them sell gold they are reserving.

The cbn would know cause they keep stock of cocoa u are exporting cause I pay tax on it, u can be exporting cocas worth 1million dollars u pay 10percent as tax and custom duties they are expecting $9milliom and u pay $2million they might revoke ur export cert

Coldie:

The cbn would know cause they keep stock of cocoa u are exporting cause I pay tax on it, u can be exporting cocas worth 1million dollars u pay 10percent as tax and custom duties they are expecting $9milliom and u pay $2million they might revoke ur export cert

Let them come together, start a dummy middleman company that will be incorporated in one tax haven, then trap most of the profit in that company. This is wickedness. Are you telling me Dangote or BUA forfeits forex earned for naira unconditionally?

sonnie10:

This is the real issue. They want exchange dollars for farmer naira at 370 but farmers think they can get 470 from BDC.

When exporting u bring dollar into the economy and not the other way round the issue here is Nigeria has dollar scarcity, our major source of dollars is crude oil and demand and price has fallen drastically.

And Nigeria has debts to pay In dollars, so any dollar them get opportunity to see them dae grab am. Multi nationals like mtn and DStv are finding it difficult to repatriate money back cause there's no dollars to repatriate. The have huge stock of naira but they can't take it from the country.

Exporters if u export what cbn is doing is making sure u don't go to USA and open your account there and send the money there they want u to open it In Nigeria once it enters Nigeria forget it before u would get back that money in dollars u go suffer

Zoo Nation

Standing5:
Let them come together, start a dummy middleman company that will be incorporated in one tax haven, then trap most of the profit in that company. This is wickedness. Are you telling me Dangote or BUA forfeits forex earned for naira unconditionally?

U no dae follow up forex news, at a point I'm time u can't withdraw more than a certain amount from your dollar account, it even got worst u can't pay for something's with ur normal bank account again u have to go and look for dollar by yourself to pay directly.

Dangote might not be touched, u know he is building a refinery so he is spending alot

All this anti-people policies wetin concern dem with what exporters do with their dollars.

PHijo:


Even if he goes against the wish of the president that wouldn't be enough. He and the finance minister( at least). Will have to go against the wish of the president.

Due to Nigeria's over reliance on oil and gas, the president, being the petroleum minister would be crucial to any far reaching fiscal reform.

Finance minister? That one na political appointee o just leave her. That one doesnt know anything o. She is there just because no female northerner has ever held that position.

lastclaire4:


Finance minister? That one na political appointee o just leave her. That one doesnt know anything o. She is there just because no female northerner has ever held that position.

Under normal circumstances being an appointee doesn't mean you wouldn't do things your way. The worse would be a sack.

lalasticlala:


https://nairametrics.com/2020/11/27/100000-tons-of-cocoa-stranded-at-ports-due-to-cbn-documentation-cocoa-exporters/

This government is confused! The country is in recession, but instead of taking necessary steps to stimulate the economy and encourage export, they're busy implementing useless polices that'll hurt the economy the more.
Adieu, Nigeria!
There was a country!

Eriokanmi:
your comment just gave me a succour. 2023 will set the record straight. God bless Nigeria

2023, another who is worse than him will be voted in by us. We just love to sit complain like we are doing now. Nothing will change.

Regex:


2023, another who is worse than him will be voted in by us. We just love to sit complain like we are doing now. Nothing will change.

Not this time again

sonnie10:

This is the real issue. They want exchange dollars for farmer naira at 370 but farmers think they can get 470 from BDC.

The CBN governor should blame himself

CSTRR:
If anybody in buhari's inner circle, or appointed by him becomes president in 2023, I would give up on Nigerian issues.

By next week, I am going to sell two huge lands and invest it into American stocks and the dollar market.
Real estate in Nigeria is worth shit anyway due to the piss poor Naira.

Once I am done, I would have successfully divested my future from NIgeria and your economy.

If You people like, vote for buhari MK2, it would no longer be my business.

The country is fast going to the dogs
And the vast majority are cheering these dumb fellows running the country aground

2020 is yet to be over, nd people are cheering for 2023 already smh
Are Nigerians even normal?
My brother
Divesting from Nigeria may not be the worst of ideas

CSTRR:

Your country is ran by idiots.

Medically certifiable idiots.

If you have money, better start buying dollars.

Well said

The country is ran by dinwits
And cheered on by their fellow dimwits

sonnie10:


A bar of chocolate is sold for $1 -2 in most stores abroad . Any child can buy it. Meanwhile a bag of cocoa takes a whole day for a local farm laborer to process. They are paid less than $2 a day.
So a grown man with family in Nigeria works a day just to earn enough for a bar of chocolate.

The core problem is balance of trade and unfair trade which consequential leads to unfair commodity pricing by imperialistic multinational companies like nestle and Cadbury.
If cocoa is to be priced well at the international market, farmers would be better off.
Anyway let’s see want NOI will do if she ever gets the WTO job.

You get it.

In addition to that, we ourselves are not serious about industrialisation.


Internal and external forces will continue to keep us down.

You people should creep on blocking everything.Is ok.
We are watching oo.

PHijo:


Under normal circumstances being an appointee doesn't mean you wouldn't do things your way. The worse would be a sack.

You dont understand. What do you think she knows, she wants to implement ? She is not a professional. You cant compair her to her predecessors. You cant give what you dont have.

uuzba:

White people will use the cocoa to make chocolate and then we import the chocolate back here at exorbitant rate.
I lived overseas. Chocolate was like akara. Poor students, can buy and eat anyhow they like.
Nothing dey there. I didn't eat much so I don't gain excessive weight because that is very much possible.
But here in Nigeria, somebody will think 50 times before buying OUR OWN cocoa based chocolate again!
What nonsense.
Manufacture the chocolate here. We go chop am like that.

Africa is the smallest market when it comes to chocolate manufacturers
We are where they get the raw materials from
Period
Only a fraction of the "finished goods" finds it's way back

That said
We really need to prioritize value addition here

jajeri3216:


You get it.

In addition to that, we ourselves are not serious about industrialisation.


Internal and external forces will continue to keep us down.

The internal forces contributes much more to holding ourselves down than external forces
We are our own worst enemies

That's why I scoff at those who blame the west, or imperialism for our woes
Even when things are near perfect
Black folks largely do not have the willingness, nor the sense to make things happen

sonnie10:


A bar of chocolate is sold for $1 -2 in most stores abroad . Any child can buy it. Meanwhile a bag of cocoa takes a whole day for a local farm laborer to process. They are paid less than $2 a day.
So a grown man with family in Nigeria works a day just to earn enough for a bar of chocolate.

The core problem is balance of trade and unfair trade which consequential leads to unfair commodity pricing by imperialistic multinational companies like nestle and Cadbury.
If cocoa is to be priced well at the international market, farmers would be better of
Anyway let’s see want NOI will do if she ever gets the WTO job.

What is your definition of "proper pricing"
Or things being priced well? Using your words

ednut1:
Doing business in Nigeria is hard

Very very hard

InvertedHammer:
/
Come home and invest in Nigeria! This is it.

They suck unsuspecting people in into investments and kill the dream with government policy bottlenecks. Investors operating with bank loans are stuck. Nigeria is a dreamkiller indeed.

/

You are right
Shameful things happening in this country