Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, yesterday vowed to sustain the policy on foreign exchange prohibition to raise domestic capacity, protect growing companies and create employment.

Speaking at the BusinessDay Post-Election Economic Agenda Conference in Lagos, the top banker reiterated the need to diversify the revenue base of the Federal Government and reduce dependence on direct proceeds from crude oil sales.

Reading a reply to a letter dated August 30, 2018 and addressed to the tomato growers and processors’ association by the Nigerian Customs, requesting total ban on tomato concentrate and paste, he noted that there had been no positive development.

“The forex prohibition policy is to make local production competitive and sustain it as an alternative. Those who want to make here a dumping ground are still at large. When we make policies, we must work hard to make them a success,” he said.


Emefiele ruled out reducing the 14 per cent interest rate for now in view of the apex bank’s post-election agenda that has projected a rebound in inflation to 12 per cent.

Cautioning that the issues that led to the economic crisis of 2015 to 2017 were still very much around, the CBN boss urged vigilance to domestic and global developments and increase of the country’s policy buffers, including fiscal measures and external reserves.

The governor said the bank would sustain its development interventions by ensuring cheap financing to boost local production of priority goods in critical sectors of the economy as anti-dote to reliance on importation.

However, the Nigeria Employers’ Consultative Association (NECA) and the Head of Tax and Corporate Advisory Services at PwC Nigeria, Taiwo Oyedele, have cautioned against increasing Value Added Tax (VAT) from five to 7.5 per cent as being proposed by government.

Addressing a forum yesterday in Lagos, NECA’s Director-General, Timothy Olawale, said the proposed rise coming just after approval of a new national wage of N30,000 would have far-reaching implications for the economy.

He argued that apart from weakening the purchasing power of workers, an increased VAT would impact negatively on manufacturers and businesses currently struggling for capacity utilisation.

To Oyedele, “contemplating an increase in VAT rate now is bad timing and inconsistent with current economic realities. VAT increase will lead to higher inflation, interest rate hike, more unemployment and generally make people poorer.”

https://www.akelicious.net/2019/03/cbn-rules-out-terminating-foreign.html

You think say na only u fit book space....

May God console the family of that late Enugu professor killed by herdsmen.. Evil herdsmen shall never know peace.

Cc:

barbwire2
Don't threatened ur ex girlfriend with her nudes. It's immature.. The girl don use u, so move on but don't forget this
Hoes never repent, they keep on hoeing


FTC jare

Abeg sumone shud summarize the passage to me, I didn't even read it.. I just rush to book space.

Thanks in anticipation. Good Nigerian

Timekeeper:
....

Just look at him booking space... but abuse others who do.

On the topic...

To Oyedele, “contemplating an increase in VAT rate now is bad timing and inconsistent with current economic realities. VAT increase will lead to higher inflation, interest rate hike, more unemployment and generally make people poorer.”

Stay strong Nigerians, tough times ahead.... its not naysaying, the indices all point to it.

Let's hope so......

Esseite:

Just look at the bingo

Haba, chibuzor u r here again to book space abi
God pass you, my Igbo brother

talk2odim:
Let's hope so......

Is that all u av to say?
I didn't even read the thing

check my sig for successful fx trade

OK

The minimum wage thing is the krawkraw we have now..

Things would now be expensive than they were at 18k. Minimum wage was increased by 33.33%. VAT to be increased by about 50%. So pure water go become N15 be that.

What manner of "dem dey use us play" is this? What's labour even saying about this?

confused people in government

The governor said the bank would sustain its development interventions by ensuring cheap financing to boost local production of priority goods in critical sectors of the economy as anti-dote to reliance on importation.

Very good way to go.
Nigeria will be great again.
We are on the right track......

Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, yesterday vowed to sustain the policy on foreign exchange prohibition to raise domestic capacity, protect growing companies and create employment.

How possible can this be without constant power supply


Educated itiboribo

Space booked

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abumeinben:
The minimum wage thing is the krawkraw we have now..

Things would now be expensive than they were at 18k. Minimum wage was increased by 33.33%. VAT to be increased by about 50%. So pure water go become N15 be that.

What manner of "dem dey use us play" is this? What's labour even saying about this?

I am even expecting increment in tuition fees ..... Nigerian govt and lies ....
They give by right hand and collect it back by lefthand!!

This is the exact reason why the naira got massively devalued and resulting in the inflation.

Only countries with high export devalue their currency with the plan of making other countries dumping grounds for their product.

I doubt this CBN governor and those giving him directives on what to do, know anything about economics.

the aim of the shitty policy is not working, why not obliterate it nau? I'm finding it difficult to import

Money money money

SMH


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Basics from the CBN governor...

1.Restriction has to continue because the source of dollars is restricted

2.Restriction can only end if Nigeria diversifies away from oil

Simple.

Government of trial and error

One other way to save money is by drastically reducing the amount Senators are collecting and cut off that constituency project sum of N200m they receive and they now build measly toilet and expect us to thank them.

VAT increment is a no no. You might as well leave the said minimum wage at N18,000

Senate did not confirm Magu as EFCC Chairman.

Magu still stays as EFCC Chairman.

President Buhari subverts democracy.

What lessons does Magu want to teach us?

dfv

Buhari and his miserable economic team will reverse Nigeria's growth further with this their daft and senseless increment of VAT.

Federal Government collects VAT

State Governments collect Consumption Tax


Both are the same thing but nobody is ready to talk about this.




I won't be surprised if Bismarck Rewane resigns from the committee he heads for the government. They will never listen to him. They just want to silent him.

Or at least, they just want to throw some bundles of Dollars at him so as to shut him up.


Reason why almost ALL MEDIA OUTLETS in Nigeria have been maliciously silent on this government's woeful and disastrous performance.

They ALL have been bought over. The corruption going on in this government is scary.

Waiting for another expert to handle the apex bank

Contact me for your cash deposit and payment to any us bank account and China payments

dochenaj:
This is the exact reason why the naira got massively devalued and resulting in the inflation.

Only countries with high export devalue their currency with the plan of making other countries dumping grounds for their product.

I doubt this CBN governor and those giving him directives on what to do, know anything about economics.

are you sure countries with high export devalue their currencies to make other countries dumping ground for their products? who do you this kind thing? does US, UK, CANADA etc devalue ? where did you get this kind of daft theory? Bros always think before you comment