NewStats: 3,262,104 , 8,176,074 topics. Date: Saturday, 31 May 2025 at 07:18 PM 6q4r68

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

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

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

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.

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 s 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 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.

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

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 s opened in foreign currencies within Nigeria. Our economy can't 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 s 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.

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

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.

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.

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 s opened in foreign currencies within Nigeria. Our economy can't 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.

You have said it all

Nigeria has gone to the dogs indeed and only God can redeem the whole system SMH

[b]Good job,

We can never fix the economy if we are running naira economy and dollar economy, China devalues its currency to attract foreign dollar investments regularly.

Tax anything imported, which is produced in Nigeria 100-200%.

No more dollar transactions.

The exchange rate is now floated, Bureau De Change should be, ed and linked with banks, they should maintain an with a bank and the inflow and outflow can be monitored. Nobody should be able to change 10 billion naira on the streets without any record of the transaction....That is criminal everywhere in the world....It happens in Nigeria.

If you dont tackle the "dollar" people, you are competing against america, you will lose, because they will always protect the dollar.

Teach your governors how to raise money (public listing) in the stock market.......Pantami and co should not only be raising money for kidnappers, let them look for projects in their states and raise money through venture capitalists, get trustworthy managers, and eventually list it on Nigerian stock exchange, it can be farming, animal husbandry, mills, hotels. There are so many rich people in Nigeria whose idea of wealth is hoarding it at home and buying a few houses in London.

Each state should have a company in the Nigerian stock exchange, not necessarily owned by the state , but have trustworthy people running it and slowly expanding all over Nigeria with headquarters in their state.

For this system to work, you have to prosecute the looters, unbiased judiciary. When foreign investors see that we are a sane climate....they will come and participate.[/b]

Shebi the task force are from Nigeria ni

funny enough,after new year resolution you are back again struggling with same addiction... I can help you out via my signature

Let it begin

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

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

It's should be colonisation. As the said task won't take bribe in dollars n pounds if they see defaulters? Or will our senators release the ones in their possession? Or will Chief of bullion van n his gang release their own? Even the supposed Efcc boss won't release the dollars with him. Their children are are even richer in dollars. Nonsense.

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 s opened in foreign currencies within Nigeria. Our economy can't 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.

The question is who will do it, Tinubu?

Nigerian economy will be fine at last with all these policies. We are paying the price for years of mismanagement. I believe that this govt will come good for Nigeria at last.

I didn't vote for apc but I feel that TINUBU is doing his his best. He should find ways of making food available in the country and prevent the export of our food to other African countries by some greedy fews by securing our borders.

Naija must be great wether we like it or not.

That one no mean say Politicians no go share dollar during party primaries.


This is the first time in history Super Eagles and Chelsea will win on the same day.

Congratulations to Super Eagles....Ourpiano is bigger than Amapiano

Why not start with tinubu that used dollars to buy delegates during apc primaries.

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

if you're running a business in Nigeria, you can keep on charging people in US dollars, you will be use as an example to others.

You will explain what part of the Nigerian law gives you the power to charge in $,€, and £

Toothless dogs

All those una padi padi politicians hoard the dollars. Even una elected offices like Senate, House of Assembly, una presidency and so on. Stop chasing clout.

Tinubu and governors don't face dollar challenge when they want to spend their leisure time abroad.
When dollars were scarce and Nigerians were buying it at a high exchange rate under buhari,emefiele was pumping dollar to Dangote at a very reduced rate to the Naira.

Okay

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

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

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 s opened in foreign currencies within Nigeria. Our economy can't 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.

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

so this people are still confused.but how do you want things to change when you allowed a thief grab it and he is running with it

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

Nigeria has implemented the World Bank and IMF shock economy without realising that they have subconsciously implemented colonisation. If you float your currency without having a well-developed industrial base, you have opened your economy to dollarisation.


Tinubu will not last 2024.

.

I said this, few days ago. One foolish nairalander arguing blindly as usual.

Several transactions are going within Nigeria territory with dollar transactions, all this are putting enomous pressure on naira.