EFCC Bans US Dollar Transactions In Nigeria.

[Cryptsafe]

For now we don't know how legit this news is, since it is not officially announced but I think this would be a very nice one if this is implemented. During the presidential inauguration of tinubu I watched it they made a statement saying they will build a better Nigeria whereby our currency will be accepted and valuable it all parts of the world. So if this is true I would say this one is the only promise of all they have been able to achieve and we are looking forward to that.

This sounds funny to me because if you check when the OP posted this post till date, I haven't seen anywhere that this law is effective, because the price of dollar is increasing on steadily. Also stopping the use of dollar in Nigeria will not solve any problem, because it is not dollar than has caused the poor economy situation but bad leaders. Ever since Tinubu took over power, the cost of living and cost of commodities are skyrocketing.

I remember in my previous posts on related topics on our local board were I was saying that dollar usage is not a problem in our country as it is not really the cause of economic hardship in the country. The only problem we have in our country is bad leadership and their unproductive policies I do not know if they really think before they approve of it for implementation.

A country talking about banning of dollar when they are still running to the same country that issues the same dollar they are banning to borrow the same dollar from, tell me how do you want the economy to survive and the naira to gain value. Virtually everything we use in the country is being imported we do not produce but rather we are on the consuming side and exchanging our naira for dollar to import goods and services how do they want  the naira and economy to survive. The only problem of our country is leadership and not banning of dollar usage.

[Mia Chloe]

+1 Agbe. Sometimes when I come to think of how the whole dollar transaction stuff was being banned in Nigeria for reasons that really didn't make quite much sense the whole thing just gets tiring to even think about. Like I always say I really didn't see any need in the actions they took concerning dollar transactions. In fact for those of us that are familiar with making online payments especially on platforms that have their pricing in dollar, you will notice that they stopped transactions with Naira card on such platforms which even made online shopping difficult.

Couple with that they still decided to bring down the most used fiat currency often used as a pricing for crypto. Anyone here ever toggled to Naira USD chart on trading view before?

[Axcel777]

For now we don't know how legit this news is, since it is not officially announced but I think this would be a very nice one if this is implemented. During the presidential inauguration of tinubu I watched it they made a statement saying they will build a better Nigeria whereby our currency will be accepted and valuable it all parts of the world. So if this is true I would say this one is the only promise of all they have been able to achieve and we are looking forward to that.

This sounds funny to me because if you check when the OP posted this post till date, I haven't seen anywhere that this law is effective, because the price of dollar is increasing on steadily. Also stopping the use of dollar in Nigeria will not solve any problem, because it is not dollar than has caused the poor economy situation but bad leaders. Ever since Tinubu took over power, the cost of living and cost of commodities are skyrocketing.

I remember in my previous posts on related topics on our local board were I was saying that dollar usage is not a problem in our country as it is not really the cause of economic hardship in the country. The only problem we have in our country is bad leadership and their unproductive policies I do not know if they really think before they approve of it for implementation.

A country talking about banning of dollar when they are still running to the same country that issues the same dollar they are banning to borrow the same dollar from, tell me how do you want the economy to survive and the naira to gain value. Virtually everything we use in the country is being imported we do not produce but rather we are on the consuming side and exchanging our naira for dollar to import goods and services how do they want  the naira and economy to survive. The only problem of our country is leadership and not banning of dollar usage.

The main ill in our economy for years has remained high importation of goods without any proper attempt to boost the local production industry. Any policies that are not right for the now long-term development needs will only compound the problem, this if there is no clear plan for reducing reliance on the foreign currency. One has to focus on further development of domestic players, preparation for increasing production capacity and creating a conducive environment for Technology advancement. It has also been seen that the raw material price in a country is cheap as compared to the imported items hence the competition must be to reduce the imports and promote local production which in turn will increase the market value of currency and stabilise the economy for the long run.