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.

[Agbe]

I do not believe that would hold any water.

As you talk am na so the matter be. Di matter e no get hear. I think say dem even serious about the banning of the dollar in the country I come dey see say even in their news room when dem dey call big amount of money na dollar I dey hear and na there I come realize say this fight with dollar na to only deceive the people in the country and not to implement am make di thing work. Even di Economic policies na to against the citizens and not to make things good  form them.

[Cryptsafe]

I do not believe that would hold any water.

As you talk am na so the matter be. Di matter e no get hear. I think say dem even serious about the banning of the dollar in the country I come dey see say even in their news room when dem dey call big amount of money na dollar I dey hear and na there I come realize say this fight with dollar na to only deceive the people in the country and not to implement am make di thing work. Even di Economic policies na to against the citizens and not to make things good  form them.

Naija Neva ripe to do away with dollar. As long as corruption still exists for the country naija, no worry dollar Na baba for the looters to use do their things coded. All these public ranting wey dem dey do Na just to fulfill all form of righteousness make the people feel say dem dey try to stabilise the naira value but my brother we all know say Na medicine after death and dem no go fit do anything against their own belle.
The only thing we go pray Na be say make every one individual for the country just find way dey survive because Na only person wey dey alive dey live dey work to get money and to live to tell the story as things be. As it stands now the government no dey help matters at all.

[Agbe]

The ban of dollar in Nigeria is not possible again because those who supposed stopped the use of the dollar has taken over dollar to Naira. Nigerian Naira is nothing but a mere paper of where the politicians are but they value the dollar more than the naira. If the federal government wanted to stop the use of dollar in the country, it has been done since and that would be done only one day and everything would.be over. Last General Election in Nigeria, Atiku and Tinubu used dollar to pay voters and in 2027 general election, they will still use dollar to pay voters again because World Bank will lure Tinubu to use dollar in the country. Tinubu is a boy to World Bank.

[Agbe]

. But I hope this will not just increase the value of Naira but it will also show in the price of commodities.

Branding of dollar transaction will not help in solving the problem of the country as it is complex and beyond branding the dollar in transaction within Nigeria. The fact is we are the once who has made our self to be little children in the eyes of the so called world leading Economies by going to them to borrow money always so by implications they will manipulate us to devalue our local currency which will help them to make more money from us when we are paying back as their currency will surpass our currency.
The problem of the country is beyond restring dollar related transaction instead we should use and Chanel our energy into building our economy and reducing the high inflation rate in the the country as banding of dollar transaction is not the way forward

[Axcel777]

The ban of dollar in Nigeria is not possible again because those who supposed stopped the use of the dollar has taken over dollar to Naira. Nigerian Naira is nothing but a mere paper of where the politicians are but they value the dollar more than the naira. If the federal government wanted to stop the use of dollar in the country, it has been done since and that would be done only one day and everything would.be over. Last General Election in Nigeria, Atiku and Tinubu used dollar to pay voters and in 2027 general election, they will still use dollar to pay voters again because World Bank will lure Tinubu to use dollar in the country. Tinubu is a boy to World Bank.

So, we can clearly observe that the policy of equality and economic independence of the populations of different states will lead to the strengthening of the local currency, and to maintaing the rates economic stability and national pride. In this case everyone in the community makes a point to own the Naira-seeing it as a currency that can even challenge the world markets. The government’s and the community’s practice of using our local currency more than going for foreign currencies can be used as a base on which we can start building our confidence in the country’s economy once again. Ongoing key polices that are protected and scenes, along with society participation at all tiers, helps construct an economic culture beneficial to the nation.

[Cryptsafe]

. But I hope this will not just increase the value of Naira but it will also show in the price of commodities.

The problem of the country is beyond restring dollar related transaction instead we should use and Chanel our energy into building our economy and reducing the high inflation rate in the the country as banding of dollar transaction is not the way forward

Your opinion here is valid. The government should just focus on building the economy so that they are not compelled to go for external borrowing and the rest of the others because all these things are what weakens the economy and currency.

Of lately "FG gives Nigerians 9 months to deposit dollars in bank" and I was wondering the new policy they have formulated to tackle the naira dollar pairs. Will this policy help build the economy?, of what effect will this policy help in strengthening the naira dollar exchange value?

Source

[Asiska02]

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.

This is a very big shame to the country for allowing things like this to happen within the country. I don’t think any country will tolerate this and allow their currency not be respected even within their jurisdictions. For it to be known by many that their are places that accept dollar as payment instead of dollars, then it could be their handwork themselves because they don’t go after penalizing each other for crimes committed by them. Only the less privileged that are been penalized for such when they break the law. Unfortunately, this post was made since May 2024, and we are not in November and no changes to show that the currency of Nigeria has improved whatsoever.

[Agbe]

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.

Banding of dollars related transaction in Nigeria is not and can't be the problem of Nigeria currency downfall it's basically an economic issue the fact is that our government has failed in addressing critical matter such as creating a business friendly environment where business and companies can grow and start producing our own local good's and service's which will be self sufficient for us then we can be talking about exporting to other countries that is the only way that our currency can add value and be respected among the nation's of the world

[rachael9385]

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.

[Sim_card]

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.