The Economic and Financial Crimes Commission, EFCC, has raised a Special Task Force in all its Zonal Commands for the enforcement of extant laws against currency mutilation and dollarization of the economy.

The Task Force, inaugurated by the Executive Chairman of the Commission, Ola Olukoyede, was raised to protect the economy from abuses, leakages and distortions exposing it to instability and disruption

Already, the Commission has made some arrests of perpetrators of issuance of invoices in dollars and mutilation of the Naira in Lagos and Port Harcourt.

Also, proprietors of private Universities and other institutions of higher learning charging fees in dollars have been invited by the Commission.

The Commission is committed to the enforcement of all laws in place for the reflation and stimulation of the economy.

EFCC Media & Publicity

February 7, 2024

emkz:
Why do we even trade dollars in the streets like we trade beans?

Foreign exchange is a security document and the flow must be controlled to avoid it being used to launder money.

In Nigeria, the poor spends naira and rich men spend dollars. Politicians mostly spend dollars. By the dollars going high, it affects all of us because we are an import-based nation.

How do we stem the tide?

Every importer who wants to import should approach the banks who'd give them letters of credit, collect naira and pay the seller in forex through their correspondent bank. The practice of putting dollars in the hands of people who claim to want to import must stop.

If anyone is travelling, he must approach a bank to get BTA and he must be receipted. At the airport, he must present the receipt to customs and evidence of the cash. If he doesn't have the cash, he must be arrested, tried and jailed. Wicked people use travellers to buy BTA at government rates and resell to the black market. If this practice is not functional, give them pre-loaded debit cards by going into partnership with companies like Travelex and Transferwise or Revolut or Remitly and pay them directly so that beneficiaries can collect their cash when they get to the countries of destination.

Also the practice of CBN chiefs selling dollars directly to Nigerians to resell at exorbitant rates must stop. If you are within Nigeria, you have no business handling dollars.

Then all banks must stop the practice of opening domiciliary accounts for Nigerians in Nigeria. They can sell debit cards in naira and charge the prevailing exchange rate for international transactions like e-commerce. This used to be the practice. I wonder who stopped it.

Then the government must look into the mining sector from exploration to extraction, refining and export of minerals like lithium, gold, tin, steel, coal, phosphate and gas. The Chinese must be prevented from mining practices of our minerals and Rosewood trees. Minerals are security assets and must be protected the way we protect our private parts. Foreigners must not be allowed in for now, especially with the way oil exploration has failed our people when handled by foreign companies. You can employ foreigners to train your own people but do not allow them bring their expertise and funds to extract a security asset. They'd never use it to your advantage.

I support the hike in dollar rate. I also applaud the scarcity of dollars. It should be scarce. Only government should have it and those who absolutely need it for business outside the country. If you are within the country, USE NAIRA.

Naijanascam:
They should start from the top if they are to be taken serious....... ..

emkz:
What MUST be done:

1 Outright ban of the use of dollars within Nigeria.

2 Give holders of dollars a month to put it in the banking system after which it will be seized if found on the holders.

3 People like Herbert Wigwe charging tuition in dollars need to be compelled to pay his workers in dollars and also pay his electricity bills, diesel bills, and other expenses in dollars.

4 All BDCs must be heavily regulated and I'd dollars is sold to anyone, the reason must be compelling.

5 Arrest politicians found with dollars.

6 We can't afford to have accounts opened in foreign currencies within Nigeria. Our economy can't support it.

7 Some of the things we import are not needed. Therefore impose a heavy tax on luxury cars, foreign wines, clothing, and food. Nigeria is a big market. The least Toyota and Honda owe us is to run assembly plants within Nigeria.

8 NNPC must be stopped from selling crude oil to local refiners in dollars.

emkz:
What MUST be done:

1 Outright ban of the use of dollars within Nigeria.

2 Give holders of dollars a month to put it in the banking system after which it will be seized if found on the holders.

3 People like Herbert Wigwe charging tuition in dollars need to be compelled to pay his workers in dollars and also pay his electricity bills, diesel bills, and other expenses in dollars.

4 All BDCs must be heavily regulated and I'd dollars is sold to anyone, the reason must be compelling.

5 Arrest politicians found with dollars.

6 We can't afford to have accounts opened in foreign currencies within Nigeria. Our economy can't support it.

7 Some of the things we import are not needed. Therefore impose a heavy tax on luxury cars, foreign wines, clothing, and food. Nigeria is a big market. The least Toyota and Honda owe us is to run assembly plants within Nigeria.

8 NNPC must be stopped from selling crude oil to local refiners in dollars.

nairalanda1:
Well, EFCC can't stop people from trading in whatever form of money they use.

Lovenorth:
Tinubu is confused, he don't know what to do to restart the economy, I advise he step aside and allow normal person to handle the country

emkz:
What MUST be done:

1 Outright ban of the use of dollars within Nigeria.

2 Give holders of dollars a month to put it in the banking system after which it will be seized if found on the holders.

3 People like Herbert Wigwe charging tuition in dollars need to be compelled to pay his workers in dollars and also pay his electricity bills, diesel bills, and other expenses in dollars.

4 All BDCs must be heavily regulated and I'd dollars is sold to anyone, the reason must be compelling.

5 Arrest politicians found with dollars.

6 We can't afford to have accounts opened in foreign currencies within Nigeria. Our economy can't support it.

7 Some of the things we import are not needed. Therefore impose a heavy tax on luxury cars, foreign wines, clothing, and food. Nigeria is a big market. The least Toyota and Honda owe us is to run assembly plants within Nigeria.

8 NNPC must be stopped from selling crude oil to local refiners in dollars.

emkz:
EFCC Raises Special Task Force against Dollarization of Economy & Mutilation of Currency


https://www.efcc.gov.ng/efcc/news-and-information/news-release/9743-efcc-raises-special-task-force-against-dollarization-of-economy-mutilation-of-currency