EFCC Bans US Dollar Transactions In Nigeria.

[Agbe]

There was a news on social media platforms last week that Nigeria and India have joined BRICS to use their National Currencies to make and international transactions among themselves and  this morning again I saw that EFCC Bans US Dollar Transactions In Nigeria, Orders Embassies To Transact In Naira. This approach might really bring back the Naira back to track but I don't know if really these News are legit. The government instructed all the foreign embassies to use naira and not dollar any and if this is true then this is what they have done from the beginning instead of attacking cryptocurrency exchange platforms. Personally I like this policy if it is true.
https://www.naijanews.com/2024/05/11/efcc-bans-us-dollar-transactions-in-nigeria-orders-embassies-to-transact-in-naira/

What do you say about this?

[Rruchi man]

What do you say about this?

There are many big hotels, resorts, and even schools owned by politicians and others that do not accept deposits in naira. The government knows about these institutions and should go after them. Those people are contributing to devaluing our currency because it doesn't even make sense for you to accept another currency within the borders of a country.

If the EFCC can enforce this, the value of our naira will improve.

[Sim_card]

I saw this news too yesterday, and it is a good move to see that our Naira gains back its value. However, like the first poster said, EFCC should not only enforce this law to the embassies by should also find those other businesses that are accepting dollar payments, and stop them to. But I hope this will not just increase the value of Naira but it will also show in the price of commodities.

[Agbe]

What do you say about this?

There are many big hotels, resorts, and even schools owned by politicians and others that do not accept deposits in naira. The government knows about these institutions and should go after them. Those people are contributing to devaluing our currency because it doesn't even make sense for you to accept another currency within the borders of a country.

If the EFCC can enforce this, the value of our naira will improve.

That is very bad for people of a country to use another country currency to run their businesses. It is not good at all. And when I look at the matter I don't blame the individuals that are using or accepting dollar in their businesses because the government started it all. If the government is calling money in the exchange rate it pronounced in dollar which very bad as well when you have your own national currency you called another country currency to have value to that currency and devalue yours.  Really I don't know how true this movement will be personally I like the move because it will drastically reduced dollar and naira will have value but if Tinubu is the president of Nigeria, naira will never appreciate. Naira will not come down to 1k again because Tinubu himself is using dollar for all his doings and not naira. Last election he spent dollar to give to voters and not naira.

[Cryptsafe]

I do not believe that would hold any water. Aside crude oil what other economical value does Nigeria offer to the world economic market and growth? Do you think just telling embassies, and other organisations to stop transacting in dollars would stop the free fall of naira?  When you do not produce to export your locally produced goods how do you think  the economy would grow? Have you forgotten that even the crude is sold in dollars. I think if this country want's something tangible for the naira, then policies that would encourage local production and consumption of locally produced goods be formulated.

Have a look at Ghana, they produce and consume their own goods and as well export in commercial quantity just because they have policies for their economy that favoured their economic growth. Their currency is far stable and if value than naira just because of the silly mistakes by the so called economic policy makers.
I am not saying that the decision is a bad one. Off course it is a good step and if they should retain it and also look into other aspect of the economy to take some decisions, there would be all round improvement otherwise it would be worse than this upon bounce back. They did it initially and currently  the reverse is the case and naira at a free fall again.