CBN method to protect the Nigerians currency

Manlikefrank1

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Quote from: I_Anime on February 02, 2024, 04:10:21 PM

https://dailypost.ng/2024/02/02/price-hike-looms-in-nigeria-as-cbn-increases-customs-exchange-rate/

The CBN just increased the exchange rate to reduce importation. This would definitely have a major effect in prices of goods. Prices of many goods are already on the rise and in this trying times. The CBN believes that increasing exchange rate and reducing Importation would help.
When they aware we very dependent on foreign goods
What are your thoughts on their decision?

Side note : https://www.google.com/url?q=https://www.premiumtimesng.com/business/business-news/664442-facing-fx-crisis-nigerias-central-bank-lifts-exchange-rate-restrictions-for-imtos.html&sa=U&ved=2ahUKEwjHjufkrY2EAxUiQ0EAHf4NB7cQxfQBegQIABAC&usg=AOvVaw0Eama790a_rLU7n6dJXGwV. This is kinda confusing to me
What role does lifting restrictions has on the failing naira.

For the cbn to regulate the naira currency the need to try to improve on the GDP of the economy and avoid inflation in the country and thus can help build the naira and creating a market price of goods and services in the country.creating a fix price on the dollars and not increase in dollar base on demand or the inflation of the country.

CryptoHeadlineNews

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Quote from: Briankimp1 on February 04, 2024, 11:55:54 AM

I’m not surprised people are running away from our dearly beloved country why wouldn’t they when our government is hell bent on getting us into more debts, A country that has oil and also different refineries but chooses to drill oil export it abroad and import it back as refined products for usage, a country where majority of our factories have been turned into decorations for site seeing how can we stop this government from plunging us into more recession.

U see this very statement highlighted above, just touched me deep down into the marrow of my bones, and it's so sad that the county Nigeria we see today, if care is not taken, we are likely to see things worse than they are today due to the increasing level of political greed by the people sent to represent us who has now only focused on enriching only themselves, family and friends. But judging from the current state of the country, this is one policy that ought not to have been passed, as any increase in the price of custom terrif is likely to generally affect the price of goods. And it's too sad that the price of goods all round the country keeps increasing, but minimum wage remains static.

Briankimp1

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I’ll keep saying this until we all agree with me this government are not here to lookout for Nigerians and our well-being they’re only here to enrich themselves and their friends, How can CBN be increasing import tariffs knowing fully well the entire country depends on imported goods to survive what’s the rationale behind this other than confusion or simply put in my own made up words purposeful governmental oppression.
The so called government officials do not pay taxes their everyday lives are being furnished by Nigerian tax payers that’s you and I sweat and blood we wake up we grind we sleep we grind and you choose to constantly keep making things hard for us oh my lord how do we get out of this mess,
I’m not surprised people are running away from our dearly beloved country why wouldn’t they when our government is hell bent on getting us into more debts, A country that has oil and also different refineries but chooses to drill oil export it abroad and import it back as refined products for usage, a country where majority of our factories have been turned into decorations for site seeing how can we stop this government from plunging us into more recession.

Kliss

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Quote from: I_Anime on February 02, 2024, 04:10:21 PM

https://dailypost.ng/2024/02/02/price-hike-looms-in-nigeria-as-cbn-increases-customs-exchange-rate/

The CBN just increased the exchange rate to reduce importation. This would definitely have a major effect in prices of goods. Prices of many goods are already on the rise and in this trying times. The CBN believes that increasing exchange rate and reducing Importation would help.
When they aware we very dependent on foreign goods
What are your thoughts on their decision?

Side note : https://www.google.com/url?q=https://www.premiumtimesng.com/business/business-news/664442-facing-fx-crisis-nigerias-central-bank-lifts-exchange-rate-restrictions-for-imtos.html&sa=U&ved=2ahUKEwjHjufkrY2EAxUiQ0EAHf4NB7cQxfQBegQIABAC&usg=AOvVaw0Eama790a_rLU7n6dJXGwV. This is kinda confusing to me
What role does lifting restrictions has on the failing naira.

CBN decision to increase the exchange rate can be bit confusing. From my own view and perspective, It's aimed at reducing importations and boosting the local Economy. By making foreign goods more expensive, the CBN tend to encourage the consumption of locally produced goods. This could have an impact on the price of goods. But is also an effort by the federal government to reduce our dependency on imports. As for lifting restrictions it could potentially have impact on the Naira by promoting trade and attracting foreign investments. This can create positive opportunities for local businesses to grow and thrive by reducing competition from foreign goods. It can lead to our local industry been developed and create more jobs.

But the Federal Government, should make sure that their industries are working effectively with other private owned and should make available and source for materials and goods locally also collaborate with domestic manufacturers. Good examples should be set by Government officials, personalities and agencies not for the policy to affect the poor masses.

letteredhub

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It clear say this government no get economic plan sef before them decide to collect power by force from the people nah to just come and rule nah be dey their mind only, as in how does increasing the interest rate mitigate in the prices of all the goods and services wey the increase everyday. If due to the increased rate and few goods come dey for the market due to how businessmen no fit import plenty goods and demand come pass supply no be another double increase of prices be that? There are dormant sectors of the Nigeria economy wey need to revamp to boost the economy of the country area's like Ajeokuta iron steel, our three refineries, and the agricultural sectors. Why it come be like say this government dey act so ignorant of the real problem of our nation economy.

nelson4lov

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At this point, the economy is heading to an inevitable collapse if the government doesn't stop making silly policies that seek to cripple the economy.

The origin of this story was when Buhari made restrictions of Forex without providing an alternative means that we can source for goods and services locally. Over time, people got access to forex one way or another but since it was difficult to get and expensive, that fee is posted to consumers which started the increased costs of goods and service.

Now, Tinibu is lifting off those restrictions and we still don't have a lasting solution. We're going around in cycles.

I_Anime

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Quote from: sokani on February 03, 2024, 12:15:25 PM

Quote from: I_Anime on February 02, 2024, 04:10:21 PM

https://dailypost.ng/2024/02/02/price-hike-looms-in-nigeria-as-cbn-increases-customs-exchange-rate/

The CBN just increased the exchange rate to reduce importation. This would definitely have a major effect in prices of goods. Prices of many goods are already on the rise and in this trying times. The CBN believes that increasing exchange rate and reducing Importation would help.
When they aware we very dependent on foreign goods
What are your thoughts on their decision?

Side note : https://www.google.com/url?q=https://www.premiumtimesng.com/business/business-news/664442-facing-fx-crisis-nigerias-central-bank-lifts-exchange-rate-restrictions-for-imtos.html&sa=U&ved=2ahUKEwjHjufkrY2EAxUiQ0EAHf4NB7cQxfQBegQIABAC&usg=AOvVaw0Eama790a_rLU7n6dJXGwV. This is kinda confusing to me
What role does lifting restrictions has on the failing naira.

Nigeria is a consuming country, and not a production country. If a country like US, China, india comes up with something like this I'd understand. How can you increase exchange rate because you want to discourage people from importing foreign goods into the country and to depend on locally made goods when we're not really producing anything. The government has not done much to support the manufacturing and production sector. Even the crude oil that we are supposed to refine here and sell to other nations, we're still exporting to foreign countries to be refined abroad and shipped back to Nigeria because our refineries are not functional.

I think this move will make the price of things in the market to be costly, because as trader pay high to get foreign goods into the country, they will also increase the price of the goods so that they can realize profit.

the stuff just dey crazy and annoying also. Is like they don't think about the effect their actions go course before making any decisions. Increasing the exchange would make it difficult for the people normally import goods to import and dey won't sell the previous goods they have before the government increase the exchange rate, just like that they would surely increase the price so that they would be able to keep up with their budget. And at the end everything go still turn out to affect we the citizen. Nah really true say ones the head nor dey well d body go suffer am

sokani

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Quote from: I_Anime on February 02, 2024, 04:10:21 PM

https://dailypost.ng/2024/02/02/price-hike-looms-in-nigeria-as-cbn-increases-customs-exchange-rate/

The CBN just increased the exchange rate to reduce importation. This would definitely have a major effect in prices of goods. Prices of many goods are already on the rise and in this trying times. The CBN believes that increasing exchange rate and reducing Importation would help.
When they aware we very dependent on foreign goods
What are your thoughts on their decision?

Side note : https://www.google.com/url?q=https://www.premiumtimesng.com/business/business-news/664442-facing-fx-crisis-nigerias-central-bank-lifts-exchange-rate-restrictions-for-imtos.html&sa=U&ved=2ahUKEwjHjufkrY2EAxUiQ0EAHf4NB7cQxfQBegQIABAC&usg=AOvVaw0Eama790a_rLU7n6dJXGwV. This is kinda confusing to me
What role does lifting restrictions has on the failing naira.

Nigeria is a consuming country, and not a production country. If a country like US, China, india comes up with something like this I'd understand. How can you increase exchange rate because you want to discourage people from importing foreign goods into the country and to depend on locally made goods when we're not really producing anything. The government has not done much to support the manufacturing and production sector. Even the crude oil that we are supposed to refine here and sell to other nations, we're still exporting to foreign countries to be refined abroad and shipped back to Nigeria because our refineries are not functional.

I think this move will make the price of things in the market to be costly, because as trader pay high to get foreign goods into the country, they will also increase the price of the goods so that they can realize profit.

OGsmall

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Quote from: I_Anime on February 02, 2024, 04:10:21 PM

https://dailypost.ng/2024/02/02/price-hike-looms-in-nigeria-as-cbn-increases-customs-exchange-rate/

The CBN just increased the exchange rate to reduce importation. This would definitely have a major effect in prices of goods. Prices of many goods are already on the rise and in this trying times. The CBN believes that increasing exchange rate and reducing Importation would help.
When they aware we very dependent on foreign goods
What are your thoughts on their decision?

Side note : https://www.google.com/url?q=https://www.premiumtimesng.com/business/business-news/664442-facing-fx-crisis-nigerias-central-bank-lifts-exchange-rate-restrictions-for-imtos.html&sa=U&ved=2ahUKEwjHjufkrY2EAxUiQ0EAHf4NB7cQxfQBegQIABAC&usg=AOvVaw0Eama790a_rLU7n6dJXGwV. This is kinda confusing to me
What role does lifting restrictions has on the failing naira.

Well I think reducing of importation of goods is not the problem country here I think the high rate of dollars doesn’t have anything to do with the reducing of imports from other countries….

I gist they just have to look for a way out of this mess cause to me that not the way to go about this issues.
For the looks of things I gist the government’s are running about this issue because it affects them as well too.

Well let say after reducing it now we start buying goods from each other at a higher price just the way it happened in last season when the boundaries were on lockdown and we could not import good from any countries and we did suffer that time because there was hunger in the land….

adultcrypto

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Quote from: I_Anime on February 02, 2024, 04:10:21 PM

https://dailypost.ng/2024/02/02/price-hike-looms-in-nigeria-as-cbn-increases-customs-exchange-rate/

The CBN just increased the exchange rate to reduce importation. This would definitely have a major effect in prices of goods. Prices of many goods are already on the rise and in this trying times. The CBN believes that increasing exchange rate and reducing Importation would help.
When they aware we very dependent on foreign goods
What are your thoughts on their decision?

Side note : https://www.google.com/url?q=https://www.premiumtimesng.com/business/business-news/664442-facing-fx-crisis-nigerias-central-bank-lifts-exchange-rate-restrictions-for-imtos.html&sa=U&ved=2ahUKEwjHjufkrY2EAxUiQ0EAHf4NB7cQxfQBegQIABAC&usg=AOvVaw0Eama790a_rLU7n6dJXGwV. This is kinda confusing to me
What role does lifting restrictions has on the failing naira.

At this point it is safe to say that our government are confused and knows nothing about how to save the country from sinking into deeper mess. How can you stop importation of goods you don't produce in your country thereby creating scarcity while thinking you want to reduce the prices of goods? This was exactly how Buhari crippled the economy with his border closure policy that made local rice became unaffordable till today. Anyone close to them should please tell them to stop creating unnecessary scarcity of basic items because that is how to make the prices go higher. Let them run open policy let their be fair market competition, that is the only way to arrest the dwindling economy. Naira should be floated, borders should be opened and importation should not be hindered. Let there be fair competition and you will see the local product improve in quality. They cannot force us to eat bad rice even at expensive price.

I_Anime

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https://dailypost.ng/2024/02/02/price-hike-looms-in-nigeria-as-cbn-increases-customs-exchange-rate/

The CBN just increased the exchange rate to reduce importation. This would definitely have a major effect in prices of goods. Prices of many goods are already on the rise and in this trying times. The CBN believes that increasing exchange rate and reducing Importation would help.
When they aware we very dependent on foreign goods
What are your thoughts on their decision?

Side note : https://www.google.com/url?q=https://www.premiumtimesng.com/business/business-news/664442-facing-fx-crisis-nigerias-central-bank-lifts-exchange-rate-restrictions-for-imtos.html&sa=U&ved=2ahUKEwjHjufkrY2EAxUiQ0EAHf4NB7cQxfQBegQIABAC&usg=AOvVaw0Eama790a_rLU7n6dJXGwV. This is kinda confusing to me
What role does lifting restrictions has on the failing naira.

Topic: CBN method to protect the Nigerians currency (Read 119 times)