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Nairaland Forum / Nairaland / General / Politics / EFCC Raises Task Force Against Dollarization Of Economy (13247 Views)
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Re: EFCC Raises Task Force Against Dollarization Of Economy by nairalanda1(m): 8:27am On Feb 08 |
themanderon: Well, the Afghans had fresh inflow of dollars, in form of humanitarian aid, which is where the strength came from. We need to earn more forex, otherwise any other measure won't work. 1 Like |
Re: EFCC Raises Task Force Against Dollarization Of Economy by IMASTEX: 8:29am On Feb 08 |
emkz:Sincerity of purpose is all it takes to make things work. If those in authority are the same law breakers, how will things change? The government knows exactly how to fix things, but they won't because they are the most benefactors while few other citizens follow their steps. |
Re: EFCC Raises Task Force Against Dollarization Of Economy by BarrElChapo(m): 8:29am On Feb 08 |
emkz: Very sound advice there but on 10 The UK charges her visa fees in dollars, who do we report her to ? |
Re: EFCC Raises Task Force Against Dollarization Of Economy by theredaddy: 8:31am On Feb 08 |
o123456789: Go n tell them that in china, south korea, japan. Policies to dissuade dollarization can be implemented as long as the Govt is willing and commited to that course Understand one thing, trading with dollar is not the same thing as a dollarized economy 3 Likes |
Re: EFCC Raises Task Force Against Dollarization Of Economy by UncleAyo: 8:41am On Feb 08 |
1000 and 500 naira notes should be discontinued We need to stop the use of #500 note and #1000 note. also, the use of #200 note should be sparingly. Use of coins should be reintroduced. We should encourage more local business and less foreign investment. The foreign investors will sure repatriate their profit in USD and therefore put pressure of USD availability. Check out world's performing currency and the highest face-value their currency. Top expert from different field of endeavor from other countries should be invited to train people with focus on entrepreneurship. Bank should give more loan business and entrepreneurs.... 1 Like |
Re: EFCC Raises Task Force Against Dollarization Of Economy by MrSly(m): 8:53am On Feb 08 |
emkz:More avenue to syphon money. 1 Like |
Re: EFCC Raises Task Force Against Dollarization Of Economy by ExudeLoveToAll: 8:58am On Feb 08 |
Did they see Pablo sharing dollars across all polling units in Nigeria? These people are funny, the chicken has come home to roost. |
Re: EFCC Raises Task Force Against Dollarization Of Economy by ExudeLoveToAll: 8:59am On Feb 08 |
Did they see Pablo sharing dollars across all polling units in Nigeria? These people are funny, the chicken has come home to roost. |
Re: EFCC Raises Task Force Against Dollarization Of Economy by ebucha: 9:00am On Feb 08 |
emkz: Thank you 1 Like |
Re: EFCC Raises Task Force Against Dollarization Of Economy by OlujobaSamuel: 9:01am On Feb 08 |
nairalanda1:This statement of yours is false. Demanding for another country currency within the country as a means of exchange of value is illegal in any sovereign nation. The CBN is the only issuer of legal tender, and our legal tender is the naira and Kobo. 2 Likes |
Re: EFCC Raises Task Force Against Dollarization Of Economy by ShootThemAll(m): 9:03am On Feb 08 |
Mumu people... Raise task force on embezzlement of contract funds and zero implementation of projects. All embezzled contract funds in Naira are being converted to dollar and parked in polithiefcians houses. Stop deceiving yourselves! |
Re: EFCC Raises Task Force Against Dollarization Of Economy by Gbogbowa: 9:06am On Feb 08 |
The task force are they angel or EFCC is not aware of the dollar shared during APC primaries. They are deceiving themselves,as long as our politicians still take treatment abroad and their children school abroad and we continue to patronize imported goods no way forward |
Re: EFCC Raises Task Force Against Dollarization Of Economy by ebucha: 9:13am On Feb 08 |
federal9: Gibberish is all you've been dishing out please. 2 Likes 1 Share |
Re: EFCC Raises Task Force Against Dollarization Of Economy by morgansoctman: 9:15am On Feb 08 |
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Re: EFCC Raises Task Force Against Dollarization Of Economy by Emmerlee(m): 9:34am On Feb 08 |
emkz: You are on point, except for the one below: "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." Some people do business abroad and receive inflows in USD. For instance, IMers pay for advertising services in USD and receive their earnings in USD into their domiciliary accounts. For this the inflow is often much more than the outflow which also helps the economy. I'd say as long as you receive your inflows directly from abroad you should be allowed to operate a domiciliary account. The only worry is with those that source for dollars locally for the sake of hoarding them and making illicit gains at the expense of the Naira. 1 Like 1 Share |
Re: EFCC Raises Task Force Against Dollarization Of Economy by Tap0lane: 9:37am On Feb 08 |
They can n they will Nigeria need to place a 30 - 50% monthly tax charge on all domiciliary account be it dollar pounds or any currency. With that policy everyone will avoid dollar like a plague. All dollar not in an account must not be accepted by any bank. If any bank is found wanting dire consequences that lead to immediately consification of it bank license n asset should be sign into law. Any one caught will dollar aside registered BDC with must not be more than 3 big strong ones should be consficated immediately with the owner losing the money for not banking it. With the above no living soul will dear own a dorm account in Nigeria. nairalanda1: 1 Like |
Re: EFCC Raises Task Force Against Dollarization Of Economy by Tap0lane: 9:40am On Feb 08 |
Beta him than the Pandora Criminal Peter obi that looted the commonwealth of Anambra to save in his daughter Gabrielle's Pandora account abroad. Brendaniel: Beta to start with the Pandora Criminal Peter Obi. President have immunity, when Obi become president after his jail term he can come back n start with Tinupoo. Ntipia: |
Re: EFCC Raises Task Force Against Dollarization Of Economy by Brendaniel: 9:45am On Feb 08 |
Tap0lane: And saved almost 100 billion without debts for Anambra while Tinubu left Lagos with debts without saving a dime with all the huge IGR claims..... |
Re: EFCC Raises Task Force Against Dollarization Of Economy by IbeOkehie: 9:48am On Feb 08 |
emkz: Nonsense. All currencies of the world are in competition. The producer of the naira is putting out an inferior product. We know from the last budget and also CBN audit that the government has been recklessly printing and distributing naira at an abnormal rate since 2015 or 2016. That is one of the major reasons why the value of the naira keeps falling. The people of Nigeria are free to use whatever currency they choose and NOTHING can stop them. Not only that, but mark this down - even the government will eventually start storing, demanding and spending dollars. It's a bad sign when government starts this kind of currency prohibition. It means they KNOW the currency has no value and they only option to promote demand is FORCE. If the government won't completely float the naira, then the people of Nigeria should simply STOP using the naira. Reject it altogether. It's about time. Those who know, they know...the big picture racket of government officials and politicians is to print naira and distribute to themselves using all sorts of schemes, and then use it to buy dollars at subsidized CBN rate not available to ordinary citizens. Nigerians need to wake up. Recognize your own freedom. You have the innate, natural right to buy and sell whatever you want using any means convenient to you. Good Luck to Nigeria. 2 Likes |
Re: EFCC Raises Task Force Against Dollarization Of Economy by kowalsky: 9:49am On Feb 08 |
emkz: Lol monkey. You Nigerians deserve all the strife you get. Not sure if it's a pathological predisposition to reason backwards or just a curse of foolishness inherited from your mothers. These same black mentality 'economic tactics' you've outlined here have been tried, tested and validated to be catastrophic but because you're a daft child of hate and regression you've refused to learn, refused to research and refused to chase enlightenment. While the drug lord and his croonies continue to print the Naira with no regard for any semblance of a monetary policy, so they can travel to France or the AFCON, watch a match then cum on the back of your daughters, you've ignored all of that like the typical retarded black man you are to focus on backwardness like your overlords. Fool. Is Nigeria the only country where the USD is part and parcel of the economy. Fool. Do you know what happened to Zimbabwe, Liberia and the rest of your retarded brothers in foolishness when they implemented even more benign versions of this asinine policy. Your rulers continue to exploit you mofos and the best you can do is dive deeper into the pit they've dug for your generation to grovel in. 4 Likes 1 Share |
Re: EFCC Raises Task Force Against Dollarization Of Economy by Origin(f): 9:49am On Feb 08 |
Case in point.... Microsoft has an office in Nigeria but still raises invoices in dollars. Over to you EFCC. Not sure they pay WHT or VAT on said invoices. And practically everyone uses their service/ product. |
Re: EFCC Raises Task Force Against Dollarization Of Economy by walezy14(m): 9:53am On Feb 08 |
No single individual domiciliary account should hold more than $1,000 more than 72 hours before carted away to Naira account. No corporate entity or conglomerate should have more than $1,000,000 in domiciliary account and such amount source traceable by CBN. |
Re: EFCC Raises Task Force Against Dollarization Of Economy by Rating(m): 9:56am On Feb 08 |
emkz: The key factor is the WILLINGNESS of Nigerian leaders to do the right thing - from the presidency to legislature to judiciary across federal, states and local governments. They are always eager to make laws and inconvenience the lives of people but they are not ready to abide by the same laws. For example, it was reported that the CBN governor himself said some days ago that about $2.4bn of the $7bn Forex claims are fraudulent or baseless. That's almost 30%. Not to mention the fact that the CBN's books have not been audited in 7 years. A new government now comes in and coming up with out-of-touch policies. All the other countries that are working have their leaders working the system to make it better. It does not happen by the victimization of the citizens. It works by making laws that make sense and EVERYONE must abide by. Let's not even get started talking about importation and customs duty (pegged to the dollar. How ridiculous!). Maybe this government wants to do the right thing, just maybe. But all their steps just look like they want to make lives unnecessarily difficult for the common man. Let's see the sacrifices made by the leaders, and then it will be understandable as citizens to make sacrifices also. 1 Like |
Re: EFCC Raises Task Force Against Dollarization Of Economy by emkz: 9:56am On Feb 08 |
Emmerlee: I see a lot of sense in your observation, and if not for the gross abuse of the freedom by our politicians, it would have been the best solution. The way it works is that once the money enters their hand, they are to relinquish the dollars to their banks and get the naira equivalent in their local accounts so that liquid dollars will not directly enter their hands. In other words, the buyer abroad who wants to pay him in dollars would credit the correspondent bank abroad of his local bank with the dollars. Then the local bank in Nigeria gives him the dollar value in naira. For his own future dollar payments, he pays the naira equivalent of his dollar purchase into his own local bank, and his local bank debits their correspondent bank abroad of the dollar equivalent and pay it out to the correspondent of the local bank of the person he pays to. The banks are expected to fulfil the forex obligations for his advertising services without him necessarily having to handle liquid dollars or maintain a dorm account within Nigeria. He doesn't necessarily need to hold a local dorm account for that purpose. If he must do so, he can operate such an account in a foreign country where the currency is a legal tender or utilize fintech companies like Transferwise who trade currencies and allow people to maintain accounts with inter-transferability of forex wherever they are. 1 Like |
Re: EFCC Raises Task Force Against Dollarization Of Economy by adonuj(f): 9:59am On Feb 08 |
EFCC are experts in pursuing symptoms. 2 Likes |
Re: EFCC Raises Task Force Against Dollarization Of Economy by commoditiesnig: 10:03am On Feb 08 |
emkz:Very good move.. Sanity needed in the system! |
Re: EFCC Raises Task Force Against Dollarization Of Economy by Sparrk007(m): 10:03am On Feb 08 |
Let them start from the aboki on the streets 2 Likes |
Re: EFCC Raises Task Force Against Dollarization Of Economy by IbeOkehie: 10:07am On Feb 08 |
kowalsky: Na so we see am o!!! The eternal hope of Nigerians for an easy, unearned prosperity will be the end of us all. What a clueless people!!!! Thanks for your comment!!! See them..... walezy14: Origin: How about government FLOAT the naira so everyone in the market, including government, can trade at the same price? That is the ONLY way to eliminate the "illegal" circulation of dollars. Good Luck to Nigerians! 2 Likes 1 Share |
Re: EFCC Raises Task Force Against Dollarization Of Economy by kowalsky: 10:08am On Feb 08 |
walezy14: Amazing how stupid the average Nigerian is. Like, it's absolutely no surprise why we're being dominated by senile peadophiles when easily impressionable, brainless, spineless fools make up the bulk of the population. Do you know how much comes in as foreign remittance to USD accounts in Nigeria. What happens to source of scarce USD when you put a lien on USD accounts. If you shutdown USD account in traditional banks will you also shutdown the Internet so people cannot buy derivatives of USD in crypto, a practice that's so widespread that anecdoctal evidence suggests it's more than USD transactions? 3 Likes |
Re: EFCC Raises Task Force Against Dollarization Of Economy by VanuatuWycombe: 10:10am On Feb 08 |
emkz: Good one. If your Dollar is ruffled at the edge or has a little dog ear, Turkish embassy will throw it at you. I wonder whether they resell the Dollar back to Abokis ni o or they take it to their country. Our local tuition fees here and embassy fees are supposed to be in Naira. No Nigerian embassy abroad is collected fees in Naira. They collect on currencies of the countries where they operate. Any Nigerian parents who want to send their wards to school in Nigeria should pay on Naira. No landlord in eyebrow areas in nigeria should charge in foreign currencies. Walahi, up to diesel for most serviced apartments for expatriates in Ikoyi, Banana Island, Lekki and V.I, those oloriburuku landlords and agents collect them in foreign currencies from multinationals operating here. We have a very long way to go in this country. 🎶🎼 Nigeria o naaa wa si jin o oro ma re ee gbe ye wo o…🎼🎧🎼🥁Ayinde Barrister had said it. |
Re: EFCC Raises Task Force Against Dollarization Of Economy by Rating(m): 10:11am On Feb 08 |
emkz: I think stopping the use of domiciliary accounts in Nigeria is very counter-productive. Individuals and businesses need to continue to maintain such accounts, though there must be reasonable limits - one of which is that it must be to ONLY fulfil foreign financial obligations. This is more important for those who earn in USD and still live in Nigeria. That must not be discouraged. Other countries allow their citizens hold Forex (USD, EUR, GBP) accounts as needed, but local transactions are forced to be in local currencies among other necessary restrictions. And as you clearly stated, it's exactly because of "the gross abuse of the freedom by our politicians" that legitimate businesses and individuals should not be made to suffer unnecessarily. |
Re: EFCC Raises Task Force Against Dollarization Of Economy by olabanji88(m): 10:22am On Feb 08 |
emkz:i wish they go after the politicians I believe this would be derailed and used as a witch against the common man who has no backing and the politicians run around freely I know of a businessman then who was found to use dollar in transactions indirectly selling dollars and buying his bank accounts where all frozen close to a 100m and his warrant was issued all because he was a common man he fled the country to an Eastern European country |
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