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

U dey mind them.....
They all keep their money in dollars...na dollars Dem dey share for Abuja oooo...

They now want to tension the citizens trying to protect their money from devaluing.....

This can never be implemented, US Dollar is a universal currency, it not the most highly priced in the world but it is the strongest globally, Kuwait Dinar and British pound sterling are higher in value but the US Dollar is the go to currency of choice because it is accepted even at the most remote part of the earth and beyond... Because of this many countries of the world have dollar accounts with the US federal reserve!!! How many country have a Naira account with Central Bank of Nigeria? It is now clear that the Tinubu led government is now running Nigeria with tryer and error tactics... Nigerians we are in for a ride!!!

I imagine you mean well.
I’d like to add a few comments though. Your policies about the use of dollar will fall flat and even cause more problems.

Have you tried to get a BTA/PTA recently? Then you should know how inefficient the process is.

Or gone through all the hoops of Form M and Form A?

Would you then say we should use only Nigerian phones ? Or only Nigerian made things? We don’t make a majority of what we consume.

Short of turning our society to a police state, and even then, our outrageous corruption will prevent those policies you have mentioned about the dollarization of the economy to work.

If you want to burn speculators, the government needs doings and actions. All the talk of hunting down saboteurs is hogwash as far as am concerned. I will continue to short the naira.

emkz:
This was my comment on this matter a few days back. The overt dollarization of the Nigerian economy is dangerous especially when we have no control over the currency.

They are taking it to the next level. Knowing EFCC they will start taking bribes in dollars now.

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

After all, at the end of the day, with the falling value of the naira, people are going to store their money in whatever has value..and it is the dollar. Or euro or pound.

Sometimes ago the Afghanistan Afghani was the highest performing currency in the world. How did the do it? They made it a crime to transact business in any other currency than the Afghani. They also made it that foreigners must buy their goods with the Afghani so you have to change your dollars to trade in Afghanistan. They also banned the importation of many goods
Even the Russian rouble was able to stay strong despite the hassles and pressures it faced from the West because the Russians made it that you must buy their rubble before you can buy their oil and gas and that foiled the wicked plans of the Europeans.
Unless we apply these measures our Naira will continue to be useless.
Politicians, greedy BDC operators, and banks are the ones artificially driving the naira nuts. Except they reign in on their activities the naira is doomed.

Guys let me tell you what is going on in nigeria,we wey dey Europe no why nigeria naira will never recover,here in Europe if you have 2000euros take it to a any African store where they do what we called euro to euro you pay fee they will pay your naira into your account in nigeria,those euros they are buying is for nigeria politicians, nigeria politicians don't believe in naira because they know that buhari printed trillions of naira they used naira to buy dollars and leave the worthless naira to us,Tinubu's son bought house in UK 11million dollars you think he believe in naira or nigeria?dollars or euros is not coming down ,

Mumu people, the Dollar has now turned to contraband. Shey bi na dollar then we will operate in other F currencies.

Tjra:

Who is the normal person he should step aside for? You?

fresh free and fair election should be conducted and mentally deranged people should not participate in it

VERY GOOD. THE CRIMINALS ARE THE MINISTERS, CBN EXECUTIVES, MDBS EXECUTIVES AND ALL MISINFORMED BUSINESS EXECUTIVES.

[quote author=emkz post=128345766]This was my comment on this matter a few days back. The overt dollarization of the Nigerian economy is dangerous especially when we have no control over the currency.

Impressive

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 fees in their universities in dollars need to be compelled to pay their workers in dollars and also pay electricity bills, diesel bills, and other expenses in dollars.

4 All BDCs must be heavily regulated and if dollars is sold to anyone, the reason must be compelling and must be traceable.

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 heavy taxes on luxury cars, foreign wines, clothing, and food. Visit shops and hike the tax on foreign commodities like cashew, apples, and shoes. Nigeria is a big market. The least Toyota and Honda owes us is to run assembly plants within Nigeria.

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

9 No company, including foreign ones, must be allowed to pay any worker in foreign currency. The idea of working in Nigeria is that you spend your earnings in Nigeria. If you want to remit funds abroad, use proper banking channels to do your transfer and pay the appropriate fees.

10 We found out that some embassies in Nigeria collect visa fees in foreign currencies in cash in Nigeria. We call on the foreign affairs minister to call those ambassadors to stop the practice. Some of these embassies use the desperation of our people to prey on them and commit crimes that cannot be tolerated elsewhere. Any embassy operating in Nigeria that cannot respect and idolize our naira should close and go elsewhere where such crimes of collecting a non-legal tender within a country they operate in is allowed. If they collect naira, they can use our banks to remit the funds or use online transfers so they can get the forex equivalent of the naira charges in their accounts in their countries. I call on Nigerians to be bold enough to report some of these embassies for the sharp practices.

11 Some of the embassies in Nigeria are desperately corrupt. Especially of some countries in the EU.

the APC is waiting for ideas from Atiku and obi just to shade them... everything na politics. Look at some brilliant ideas right here...but they won't like to apply them coz they will be touched. Selfish leaders

Ayomipoe:
I imagine you mean well.
I’d like to add a few comments though. Your policies about the use of dollar will fall flat and even cause more problems.

Have you tried to get a BTA/PTA recently? Then you should know how inefficient the process is.

Or gone through all the hoops of Form M and Form A?

Would you then say we should use only Nigerian phones ? Or only Nigerian made things? We don’t make a majority of what we consume.

Short of turning our society to a police state, and even then, our outrageous corruption will prevent those policies you have mentioned about the dollarization of the economy to work.

If you want to burn speculators, the government needs doings and actions. All the talk of hunting down saboteurs is hogwash as far as am concerned. I will continue to short the naira.

Bro, in the developed world, everything is policed, even to your phone conversation. We need to start it now. As to your question on use only Nigerian-made phones, of course not. But whoever wants to use luxury should be ready to pay heavily. In the US, the price is one thing, federal tax is another thing, state tax is another one, another thing that looks like council tax is also included. By the time you look the taxes well, you go first weak and think am well before you shell money to buy anything.

The crux of my argument is that the government must not lose control of the forex market. It must be heavily regulated so that the pressure on the economy will reduce. It is quite strange that as Nigerians, we are fixated on exchange rate disparities. The basic needs of a man are food, shelter and clothing. Most of these are locally sourced which removes the dollar component. Tackle insecurity, address unemployment, get state governors to start working for their people and stop calling the president to come and run their states for them; flood the country with food and let our people be okay. The quest for dollars is more of the quest for luxury by the rich. When you see that importing a Range Rover Autobiography will cripple your finances, you'd rather opt for a Peugeot or Toyota that is locally assembled within the country if they are assembled.

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

After all, at the end of the day, with the falling value of the naira, people are going to store their money in whatever has value..and it is the dollar. Or euro or pound.

Store it in Nigeria assets like gold, food, buildings, farms...etc.....that is the way forward

Gencuras3:
EFCC too get wahala

let them go and arrest public office holders who starch their money in foreign banks. 80% of their wealth are in foreign currency.

See some Nigerians thinking currency is the problem.
Please don't comment if you don't understand economy and how it works.

Make them introduce 100k, 200k 500k 1m notes as our money never improve in value.

So owning dollar is now a crime ? Dollar is an international currency. Advanced countries in europes and Asia still used dollar along with their currencies. The Nigeria government will still need the dollar for oil trade and export.

The issue is not the dollar, other currencies like pounds and euro beats our currency more than even the dollar.

Tell your rubbish government to do better with the economy. They should stop spending billions buying a Toyota security highlander when they can use their home made Innoson motors….

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 fees in their universities in dollars need to be compelled to pay their workers in dollars and also pay electricity bills, diesel bills, and other expenses in dollars.

4 All BDCs must be heavily regulated and if dollars is sold to anyone, the reason must be compelling and must be traceable.

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 heavy taxes on luxury cars, foreign wines, clothing, and food. Visit shops and hike the tax on foreign commodities like cashew, apples, and shoes. Nigeria is a big market. The least Toyota and Honda owes us is to run assembly plants within Nigeria.

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

9 No company, including foreign ones, must be allowed to pay any worker in foreign currency. The idea of working in Nigeria is that you spend your earnings in Nigeria. If you want to remit funds abroad, use proper banking channels to do your transfer and pay the appropriate fees.

10 We found out that some embassies in Nigeria collect visa fees in foreign currencies in cash in Nigeria. We call on the foreign affairs minister to call those ambassadors to stop the practice. Some of these embassies use the desperation of our people to prey on them and commit crimes that cannot be tolerated elsewhere. Any embassy operating in Nigeria that cannot respect and idolize our naira should close and go elsewhere where such crimes of collecting a non-legal tender within a country they operate in is allowed. If they collect naira, they can use our banks to remit the funds or use online transfers so they can get the forex equivalent of the naira charges in their accounts in their countries. I call on Nigerians to be bold enough to report some of these embassies for the sharp practices.

11 Some of the embassies in Nigeria are desperately corrupt. Especially of some countries in the EU.

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 fees in their universities in dollars need to be compelled to pay their workers in dollars and also pay electricity bills, diesel bills, and other expenses in dollars.

4 All BDCs must be heavily regulated and if dollars is sold to anyone, the reason must be compelling and must be traceable.

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 heavy taxes on luxury cars, foreign wines, clothing, and food. Visit shops and hike the tax on foreign commodities like cashew, apples, and shoes. Nigeria is a big market. The least Toyota and Honda owes us is to run assembly plants within Nigeria.

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

9 No company, including foreign ones, must be allowed to pay any worker in foreign currency. The idea of working in Nigeria is that you spend your earnings in Nigeria. If you want to remit funds abroad, use proper banking channels to do your transfer and pay the appropriate fees.

10 We found out that some embassies in Nigeria collect visa fees in foreign currencies in cash in Nigeria. We call on the foreign affairs minister to call those ambassadors to stop the practice. Some of these embassies use the desperation of our people to prey on them and commit crimes that cannot be tolerated elsewhere. Any embassy operating in Nigeria that cannot respect and idolize our naira should close and go elsewhere where such crimes of collecting a non-legal tender within a country they operate in is allowed. If they collect naira, they can use our banks to remit the funds or use online transfers so they can get the forex equivalent of the naira charges in their accounts in their countries. I call on Nigerians to be bold enough to report some of these embassies for the sharp practices.

11 Some of the embassies in Nigeria are desperately corrupt. Especially of some countries in the EU.

You were making sense till you let your mumu take over..... What is a definition of consulate or embassy You just open your mouth WAAAAAWWW and talk nonsense..... When you pay for visa isn't it your bank card you use? Isn't your account in naira

Gencuras3:
EFCC too get wahala

how ?

Nosa111:
So owning dollar is now a crime ? Dollar is an international currency. Advanced countries in europes and Asia still used dollar along with their currencies. The Nigeria government will still need the dollar for oil trade and export.

The issue is not the dollar, other currencies like pounds and euro beats our currency more than even the dollar.

Tell your rubbish government to do better with the economy. They should stop spending billions buying a Toyota security highlander when they can use their home made Innoson motors….

It is actually a crime. It is not a legal tender WITHIN Nigeria. You are not expected to use it to do any business transaction in Nigeria or charge anything and expect to be paid in dollars. The only places where you can use dollars are airports and hotels. Many hotels show their fees in dollars, euros, pounds and whatever, but you are compelled to pay in the local currency.

In a country like South Africa, if you bring dollar to pay for anything outside the airport, no one would collect it from you. You must convert it to the local rand. In Germany, if you bring out the dollar to transact anything, be sure the police will be looking for you because they'd assume you are a drug dealer.

SUPPORTED.

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 fees in their universities in dollars need to be compelled to pay their workers in dollars and also pay electricity bills, diesel bills, and other expenses in dollars.

4 All BDCs must be heavily regulated and if dollars is sold to anyone, the reason must be compelling and must be traceable.

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 heavy taxes on luxury cars, foreign wines, clothing, and food. Visit shops and hike the tax on foreign commodities like cashew, apples, and shoes. Nigeria is a big market. The least Toyota and Honda owes us is to run assembly plants within Nigeria.

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

9 No company, including foreign ones, must be allowed to pay any worker in foreign currency. The idea of working in Nigeria is that you spend your earnings in Nigeria. If you want to remit funds abroad, use proper banking channels to do your transfer and pay the appropriate fees.

10 We found out that some embassies in Nigeria collect visa fees in foreign currencies in cash in Nigeria. We call on the foreign affairs minister to call those ambassadors to stop the practice. Some of these embassies use the desperation of our people to prey on them and commit crimes that cannot be tolerated elsewhere. Any embassy operating in Nigeria that cannot respect and idolize our naira should close and go elsewhere where such crimes of collecting a non-legal tender within a country they operate in is allowed. If they collect naira, they can use our banks to remit the funds or use online transfers so they can get the forex equivalent of the naira charges in their accounts in their countries. I call on Nigerians to be bold enough to report some of these embassies for the sharp practices.

11 Some of the embassies in Nigeria are desperately corrupt. Especially of some countries in the EU.

Nawaoo make we no drive better motor again and drink better wine because of politicians wey don finish our dollar for Accnt

Tradepunter2:


You were making sense till you let your mumu take over..... What is a definition of consulate or embassy You just open your mouth WAAAAAWWW and talk nonsense..... When you pay for visa isn't it your bank card you use? Isn't your account in naira

I don't know how much experience you have about these things. Two years ago, my wife applied for a visa to one of the EU countries and they insisted the visa fees be paid in euro cash at the embassy. We started looking for euros! Guess what? There was a local BDC down the road who sold euros for that purpose.

Go to Danube Street in Maitama and you'd see the embassy there.

It is always best to ask questions when you are confronted with new information instead of advertising your ignorance and spewing insults like a child.

Read this website and learn to behave better in future.

https://www.gov.pl/web/nigeria-en/consular-fees

matify83:


You have said it all

People buy dollar and send to being market and goods.

The guy said rubbish.


People have the right to do whatever they like with their money.


What's happening here is that EFCC wants to monitor us. It's just like someone telling you what to do in your own house.


Total rubbish!!

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 fees in their universities in dollars need to be compelled to pay their workers in dollars and also pay electricity bills, diesel bills, and other expenses in dollars.

4 All BDCs must be heavily regulated and if dollars is sold to anyone, the reason must be compelling and must be traceable.

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 heavy taxes on luxury cars, foreign wines, clothing, and food. Visit shops and hike the tax on foreign commodities like cashew, apples, and shoes. Nigeria is a big market. The least Toyota and Honda owes us is to run assembly plants within Nigeria.

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

9 No company, including foreign ones, must be allowed to pay any worker in foreign currency. The idea of working in Nigeria is that you spend your earnings in Nigeria. If you want to remit funds abroad, use proper banking channels to do your transfer and pay the appropriate fees.

10 We found out that some embassies in Nigeria collect visa fees in foreign currencies in cash in Nigeria. We call on the foreign affairs minister to call those ambassadors to stop the practice. Some of these embassies use the desperation of our people to prey on them and commit crimes that cannot be tolerated elsewhere. Any embassy operating in Nigeria that cannot respect and idolize our naira should close and go elsewhere where such crimes of collecting a non-legal tender within a country they operate in is allowed. If they collect naira, they can use our banks to remit the funds or use online transfers so they can get the forex equivalent of the naira charges in their accounts in their countries. I call on Nigerians to be bold enough to report some of these embassies for the sharp practices.

11 Some of the embassies in Nigeria are desperately corrupt. Especially of some countries in the EU.

Rubbish. Outright the ban on what?

Hahahaha

federal9:


Rubbish. Outright the ban on what?

Hahahaha

I don't engage people who are of low intelligence. Go and meet your likes who reason at your level.

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

They should stop any organization from charging in dollars.

Especially those PUs

emkz:


I don't engage people who are of low intelligence. Go and meet your likes who reason at your level.

You are of low intelligence. Your English is something else. You didn't even reason before writing down your trash.

In your mind, you sounded intelligent, but you are not business-wise.

Dam...

Apc politicians were sharing dollars in primaries. 😒

nairavsdollars:
Anything to bring the price down is acceptable. 1 dollar to N1,500 is simply outrageous

Funny enough I dreamt yesternight that the Naira appreciated to #600 per Dollar, just hope it's not as a result of high dose of malaria.
God bless Nigeria.

Confused people.

Go and arrest customs for pegging customs duty to dollars.

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

After all, at the end of the day, with the falling value of the naira, people are going to store their money in whatever has value..and it is the dollar. Or euro or pound.

No is against "Trading" not even the govt can stop it, however of one our major problem is dollarization of our economy

Govt should stop local banks from operating domiciliary account, saving in dollar as no good impact on the economy short or long run

People will always act in there selfish interest but is the duty of the Govt to save the economic at all cost, dollar is having more value cos Nigerians are showing more faith in dollar, that is what "trading market" is all about.