themanderon:



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.

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.

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.

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.

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.

Very sound advice there but on 10
The UK charges her visa fees in dollars, who do we report her to ?

o123456789:
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!!!

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

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....

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

More avenue to syphon money.

Did they see Pablo sharing dollars across all polling units in Nigeria? These people are funny, the chicken has come home to roost.

Did they see Pablo sharing dollars across all polling units in Nigeria? These people are funny, the chicken has come home to roost.

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.

Thank you

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.

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.

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

federal9:


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...

Gibberish is all you've been dishing out please.

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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.

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.

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:
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.

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:


The question is who will do it, Tinubu?

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:


To Arrest politicians you must start with the druggie president and criminal in Aso Rock

Tap0lane:
Beta him than the Pandora Criminal Peter obi that looted the commonwealth of Anambra to save in his daughter Gabrielle's Pandora account abroad.

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.....

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.

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.

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.

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.

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.

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.

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 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.

Emmerlee:


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.

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.

EFCC are experts in pursuing symptoms.

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

Very good move.. Sanity needed in the system!

Let them start from the aboki on the streets

kowalsky:


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.

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:
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.

Origin:
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.

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!

walezy14:
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.

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?

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.

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.

emkz:


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.

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.

emkz:


This is the first time in years that they really want to take action against the use of dollars within the country. I agree that everyone must be touched starting from politicians.

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