Topic: EFCC to arrest businesses that accept payment in dollar. (Read 207 times)

I think these are some of the most important and delicate moves that the Federal Government is taking against the end in abuse of the local currency of naira we are using in the country and to also bring to an end the abuse of dollar which is an foreign currency that we are not using here domestically but internationally. And one thing that I also want EFCC to do while appreciating the efforts that they already put in is for them to also investigate seriously around the sells and purchase of crude oils from an outside the country.

It's very important that we investigate those because there are claims out there that the Oil that we are exporting out there, are being bought in Naira, whereas when we are importing, we import, buying those fuels in dollars and that has cost our naira devaluation overtime and the fall of our currency as well for us to be able to get things right, we have to maintain a well structured transaction model which must be that if we are selling our products to the international market, we are selling them in Dollar equivalents and not Naira equivalents. The currency will become stronger and gradually the naira currency can completely stand on its feet so that there's not gonna be any form of intimidation coming from any other part of the world thing.

Funny enough now them go fight weak people leave themselves (politicians) and family wey also dey spend in dollars, some wey go go events dey spray dollars.
No be bad fight Sha but make e b with integrity not political....

Binance no go give dem that information, this matter don spread and Binance know say plenty of their customers all over the world dey watch wetin go happen, if Binance gives the government that information, so many of their customers go lose trust in them and they could lose many of them. Binance will only give them details of a customer if dem get enough evidence to prove say that customer na criminal wey dey into money laundering or terrorism financing, but they never get proof of anything.

The people where the government via the EFCC dey look for no be the ordinary binance users,  and they have a specific targeted binance account's that they feel and suspected to be operated by forces outside Nigeria and this account's are multi volumes merchants operating and manipulating the market from outside Nigeria.

If you been the follow the issue from the beginning,  you will see that EFCC first requested for the top 100 binance users from Nigeria, and when the binance lose guard them, na when them requested for the entire users, I think the reason for the request is for investigations, but the question now be say wether binance as a top and leading cryptocurrency exchange globally will hand over their clients data to the government.

Na only foreign companies dey pay their workers in U.S Dollars, if it is a Nigerian company, they pay only their foreign staffs in dollars, and so the EFCC has nothing against these companies paying their staffs in U.S dollars, they are against local businesses accepting hard currencies from local customers.

"The Federal Nigerian Civil Service" does not pay their workers in U.S dollars, even the link you posted talk am say dem no dey sure about that one, dey are completely wrong, civil servants in Naija dey collect their salaries in Naira.

This is very wrong to be honest and this implies that there are still organizations that are above the government and cannot be penalized by rules sets in place by the FG. For those workers paid in dollars, I don’t think it is right also because they live and reside in Nigeria, so they should be paid in Naira because they’ll spend in Naira.


They want to use that information to go after those that will be blamed that have devalued the Naira. This won’t be a bad move to me but they should be just with investigations like this and punish the top government officials that will have an hand in the manipulation and not go after youths that find a means of livelihood through Binance.

https://guardian.ng/opinion/drawbacks-of-dollarisation-of-the-nigerian-economy/

Na wetin dey pain me be that. Price of commodities been double for market when dollar touch N1800, now dem don fight to bring to N1100 and the price of things still dey where im dey. Make dem channel same energy bring the price of goods and foodstuffs down.

No, if the government will not use it to destroy others foreign companies in Nigeria, I guess they are do the right thing because some of those companies that are paying with dollars have their reasons of doing that to ensure they pay the government tax and their workers steady.

I guess some of the shareholders of all those companies that are using dollar are from Nigeria, but they are using few foreigner as the owners of the company so that the government will not disturb them like the way they are disturbing other Nigeria company.

I have the confidence that this system will make dollar to come down more, and it will make the government to face other cryptocurrency exchange because since they started dealing with binance official the price of dollar has reduced.

That's where I am thinking of each passing day cos em no make sense sae dollar the decrease to naira and the cost of things no wan reduced at all.

Our FG supposed to look into this cos I don see am sae our people don d dey wicked to their fellow being concerning the price of goods and services. For instance, once dollar increase today to naira, you go see how our people go skyrocket the price of things immediately. But as dollar don d decrease, they now find it hard to reduce the cost of things. No be wickedness be that sae Individuals now decide wetin d go sell a given goods without the government interfere to it or caution them on what them go set the cost of goods and services.

It will be difficult for this order to stand because most of these companies are tech companies which offers various services to the country. From finance, internet and so on. Many of these companies will one way or another buy themselves out of this mess if the information stands. I would say that these developments have reflects changed on the monetary system of which the value of  Naira have been appreciating since two weeks now which is a good thing for Nigerians but the funny part is that the price of things are still expensive not much services have reduced their cost.

After carefully analyzing the extent of this fight by the Nigerian government against all forms of activities within the country that has to do with dollarization I am left with no option but to assume that the FGN through it's financial agencies are all playing a mediocre role and victimization policies. They know these organizations that are dealing heavily in dollars and other foreign currencies in the country but they keep channeling their campaigns in the wrong direction because many of the government officials hold major shares in these organizations.

Certainly as Charles-Tim has queried about the ability and power of the EFCC to stop the aforementioned multinational institutions and organizations, it is something to be giving a critical thought because these are institutions and organizations that even the federal government has a stake in it and also enjoys from their operations. Therefore there's no way we are seeing the EFCC taking it's fight against dollarization in the country to the doors of these multinationals organisations. The fight is is a clear mischief if it has to exclude these organizations and just against medium scale business operators and individuals that deals in foreign currency, people like me and you that are crypto enthusiasts.

Whatever they are doing to support make the economy dey work well and our Naira appreciates is a welcomed development, because the suffer this thing dey cause our people is too much. Truth be say there was much pressure on the Naira as many people in this country are spending dollars more than the U.S people who has it as their national currency. can you try this nonsense in U.S by running a business there and you are collecting Naira? Nigerians are too dependence on dollars and it's bad. Provided they can succeed in stopping businesses from accepting dollars it will be good.

On the aspect of fighting businesses that accept crypto currencies, I don't think it will be possible for them to do that. It will be more complex for them to do that. Another reason they won't go for business that accept bitcoin as payment is that, businesses that accept bitcoin are few compared to the businesses that accept dollars in the country. They are targeting the areas that the pressures are coming from the most for the dollars consumption.

To me it has been a welcome development since this dollar against naira exchange has been so seriously undertaking by our federal government after coming a short mile to have withnessed the value of dollar depreciating so low for the naira.
It's also a good one that those foreignerd who're into the country for business trades are not excepted. Atleast one unique the country has done towards this action is that those whom are influential such as the foreigners and the large institutions who accepts dollars for means of payments are not being excepted for such could also create avenues to challenge the rise of dollars again in the country.
But with all being done if I'd doesn't bring value to our economy and the cost of living still keep expensive then all those fights would apparently be total rubbish.

This na one of the problems wey dey really worry our country Nigeria. This inability to dey regulate prices for this country na one big problem.
If you go one place go ask for price of something, the price them go give you go dey different from when you go like 5 more different places. People dey abuse these privileges wey them get as business owners, because say na them open the business, them feel say them fit fix prices to where them like.

Na so update come out the other day say Dangote talk say e no add price for any of him products ( I no know how true the information dey sha) but wholesalers and retailers go just high price pass the regular and if you ask them, they go talk say na wetin them buy am, say their gain no even reach 1kobo inside. Some na actually true, but some dey deliberately dey do am because say them wan make excessive gain.

The ones wey dey shock me pass na some locally produced things wey dey around us, things wey we fit just go produce for our backyard self don follow add price. Garri na very typical example, I go check the price garri last time, fear catch me, I nearly decide to go village go start cassava farm. It's just very outrageous how we blame the government for everything when we ourselves are also responsible for some things that are happening to us. It's sickening.


I agree with on this one, Nigerian problem no be crypto or who dey accept crypto. Before the government supposed go fight any other thing wey involve currency, them supposed first go tackle traders wey dey use their own hand dey set prices of things make e high so that them go make excessive gain, simply because of say them see say price of things dey high them no wan carry last too.

Sometimes I ask wetin be the essence of local productions when e be say we no come Sabi the difference between the price of our local products and the ones them import come for the country, some of our local products self come cost pass the ones them import.

 FG and EFCC trying to arrest and bring down businesses operating with the USD is too extreme because in the fight for a corruption free economy, we should know that the USD is a symbol of authority by the United States and some of these companies are made up of foreigners that is why they deal with the USD so our government should be very careful while taking some decisions because they can take a decision that may jeopardize the well being of individuals living in the country.

Even if the get the comprehensive data of people that have been using binance to perform transactions it doesn't make any sense at all, if some of the actions they took previously are showing some positive changes then they should just be patient as it will take time before everything will normalize.

I can see that this government is putting a lot of efforts to put out the issues of naira-dollar but where the development is giving me concern is that even with the rate at which naira has gain value the nation products and business still over price everything which is begining to make things more hard than before.

Now I believe whatever is the desire of this present government they can achieve them very fast just as they are doing with dollar rate.

Now for business that use dollar as means of payments are to be arrested but where the problem lays is the fact that they are not small businesses, they are either organisations or cooperations that operate here in Nigeria, and even the government personnel one way or the other benefit from this companies, so how then can they hold them captive ? That is my only concern but let's watch and see how it goes.

They should go get a sit and seat at a place, see this can never possible for them because as charles-Tim already outline those companies how could they stop this companies from operating if i may asked. Do they want to ridicule and destroy our economy?
The rate at which people buys naira to make it increasing in price, let say whatever thing that is being export to outside needs naira while whatever coming from outsides needs dollars at this point are they going to arrest those people.
At the first place these people who are fighting against dollars where the same people who keeps floating dollars even during their elections they uses dollar to bribe their candidate to vote for them after every they want to eliminate dollars entirely from being used in our country. They must be joking..

I think say you want even talk about say government go go after those traders wey still dey carry price go high and not about stooping crypto users. I don't know if dem go even fit stop crypto because at several occasions dem don try to stop crypto use for naija, as dem even ban banks to they transacts on with crypto after endsars and even before but people resort to dey do P2P and dem no fit know wetin dey go on.

The point be say make dem handle business people to reduce their prices as dollar exchange rate don dey drop because market price still dey up since dollar Naira exchange don drop and that don become cheating for people wey dey earn in dollar because when price high for exchange rate, you go still buy wetin you want buy because the exchange rate favour that person wey dey earn for dollar.

Well I don't know what the federal government are doing but it seems whatever's strategy they arr taking it's seems to be paying off because the naira has risen against the dollar from 1900 to 1100 and if this continues it might likely appreciate more to even 800naira but my only problem is that how will they do with the cost of things that still remains the same or even tend to be more costly now because with the rate at which the naira has appreciated, we ought to see some drastic changes in the cost of things currently in the country.

Everything they have been doing seems good for the appreciation of our naira but their approach especially to the binance exchange was totally disappointing and out of human reason while I might not think this may be any issues for businesses accepting cryptocurrency if this is
Base on what they usually speak about on this, I think they want it use to identify criminals and also tax defaulters

I guessed they might be able to do so if the workers are Nigerians then it might be much easier or maybe if these workers are paid to their respective Nigerian banks here.

that is the irony about all of these we know the government has been manipulating the Naira and this is among the reasons I still think it will still depreciate probably after minimim wage