I never would have thought that Giant of Africa like Nigeria would import something as small as toothpick. The Central Bank of Nigeria, CBN, yesterday said that importers of rice, cement and other products will no longer access Foreign Exchange from CBN, banks and bureaux de change for such importation.
The CBN Governor, Mr Godwin Emefiele, who disclosed this at a news conference in Abuja, said the measure would prevent further depletion of the country’s foreign reserve.
He said the country was spending huge amount to import things that could be produced locally, adding that the apex bank would not continue to support the importation of such items through the use of the hard earned foreign exchange.
According to Emefiele, importers of the listed items would not be allowed access to foreign exchange even from the bureau de change and that any bank or bureaux de change that tried infractions would be severely punished.
It’s shameful that we have to import toothpick...Continue reading
His words: “We will not make foreign exchange available to such importers from any market. If you read that circular, it said ‘from Nigerian foreign exchange markets’, plural not singular. Foreign exchange will not be provided by the Central Bank of Nigeria, the banks or by bureaux de change. If we find people flouting it, luckily these people we have mentioned are under our regulation, we know how to deal with them.
“Sometimes, policy changes are forced on policymakers as a result of exogenous shocks beyond their control. While most people do not like to be forced to do something, one of the hallmarks of effective policymaking is to be nimble and responsive when such situations arise.
The CBN Governor, Mr Godwin Emefiele, who disclosed this at a news conference in Abuja, said the measure would prevent further depletion of the country’s foreign reserve.
He said the country was spending huge amount to import things that could be produced locally, adding that the apex bank would not continue to support the importation of such items through the use of the hard earned foreign exchange.
According to Emefiele, importers of the listed items would not be allowed access to foreign exchange even from the bureau de change and that any bank or bureaux de change that tried infractions would be severely punished.
It’s shameful that we have to import toothpick...Continue reading
His words: “We will not make foreign exchange available to such importers from any market. If you read that circular, it said ‘from Nigerian foreign exchange markets’, plural not singular. Foreign exchange will not be provided by the Central Bank of Nigeria, the banks or by bureaux de change. If we find people flouting it, luckily these people we have mentioned are under our regulation, we know how to deal with them.
“Sometimes, policy changes are forced on policymakers as a result of exogenous shocks beyond their control. While most people do not like to be forced to do something, one of the hallmarks of effective policymaking is to be nimble and responsive when such situations arise.
According to him, “most of you are aware of the often-quoted number of N1.3 trillion, which is what we spend on average importing rice, fish, sugar, and wheat every year.
“I am saying it is shameful that we have to import toothpick. I am saying that it is shameful for us to import fish in sauce canned, fish in sauce and sardine. I am saying it is shameful. Before I was born palm kernel was taken out of Nigeria and taken to another country and today we go to that country and import palm oil. It is shameful.
“It is shameful that items that we used to produce in this country we now begin to import them. It is shameful and we need to stop them. That is what we are saying.
“I am saying it is shameful that we have to import toothpick. I am saying that it is shameful for us to import fish in sauce canned, fish in sauce and sardine. I am saying it is shameful. Before I was born palm kernel was taken out of Nigeria and taken to another country and today we go to that country and import palm oil. It is shameful.
“It is shameful that items that we used to produce in this country we now begin to import them. It is shameful and we need to stop them. That is what we are saying.
He has said it all.. Ridiculous
ReplyDeleteShame on us..the government shall do something about all this rubbish
ReplyDeleteShame on us..the government shall do something about all this rubbish
ReplyDeleteNigeria tho
ReplyDelete