CBN considering placing wheat and sugar on restriction list   

April 16 (Lagos) - CBN Governor was recently quoted as saying that CBN is preparing to place Wheat and Sugar on the forex restriction list. 

If the go ahead with this ill-advised move, it is likely to put more pressure on the Naira at the parallel market and eventually that will catch up with the official rates. 

The by-products of this move would be higher (yes) inflation and further erosion of the Nigerian consumers buying power. 

Since this government came, they have placed 41 items on forex restriction list thereby forcing manufacturing companies to source their funding from parallel markets. At the same time, they have different forex rates for "certain" people and businesses. 

Such policies have led to 18.17% inflation we are witnessing currently (March 2021 numbers) while the CBN officials laugh at us on newspapers and magazine covers while the perpetual sycophant's clap in the background. 

You are likely to hear headlines like "Naira stable at 482 in parallel market" or "Inflation growth slows to 0.82%". 

Reminds of this recently popular phrase that goes like 'werey dey disguise'

reporting for on Friday, April 16 2021 from Lagos, Nigeria
Copyright @ 2010-2019 by Naija infotech & solar energy ltd. All rights reserved