Dollars transactions to stop in Nigeria

[Augusta]

The Economic and Financial Crimes Commission(EFCC ) has banned foreign missions based in Nigeria from transacting in foreign currencies. They are all required to use Naira in their financial businesses. This applied to all
Nigerian foreign mission abroad as well. They are to accept Naira in their financial businesses.


This is to tackle the dollarisation of the Nigerian economy and the degradation of the naira. All foreign missions in Nigeria are to charge visa and other consular services in naira

What do you think?

 

[Sanjeev]

I wish that will help to stop the downfall of currency in your country.

 

[Augusta]

I wish that will help to stop the downfall of currency in your country.

Yes, I know it would as the use of dollars here is really pushing the value of naira downwards and causing hike in the prices of things.

 

[Sanjeev]

Yes, I know it would as the use of dollars here is really pushing the value of naira downwards and causing hike in the prices of things.

Your government took the right decision. They should have taken this decisions much before.

 

[Augusta]

Your government took the right decision. They should have taken this decisions much before.

Well, it is better they do it now than never. I don't understand why people in Nigeria will be transacting in dollars.

 

[Starmix]

The people there who are used to receive dollars will be upset. I think the US dollar is automatically converted to your money.

 

[Augusta]

The people there who are used to receive dollars will be upset. I think the US dollar is automatically converted to your money.

Yes I know they would be upset because they know they gain better when they changed the money into our local currency.

 

[Starmix]

Yes I know they would be upset because they know they gain better when they changed the money into our local currency.

The same way here one dollar is 58 pesos but our government audit argue. There are so many OFWs whose salary is converted to US dollars once send allotment to their families.

 

[Augusta]

But I'm still glad that the government has put a stop to that to stop the devaluing of our naira notes

 

[Starmix]

Your government knows what's best in your country. If that's the solution to stop devaluation, that's good news.

 

[Augusta]

Your government knows what's best in your country. If that's the solution to stop devaluation, that's good news.

Sure it would stop the devaluation of the naira. Infact sometimes it seems our naira is worthless when compared to the dollars

 

[Starmix]

Sure it would stop the devaluation of the naira. Infact sometimes it seems our naira is worthless when compared to the naira

Also in my country the Ph peso becomes weak. There was a year when 1 dollar was equivalent to 60 pesos. My families was among the happiest because we received allotment from my sister in the USA.

 

[Augusta]

Also in my country the Ph peso becomes weak. There was a year when 1 dollar was equivalent to 60 pesos. My families was among the happiest because we received allotment from my sister in the USA.

Yeah even now in my country if you get allowance in dollars you are in money as only 50 dollars would give you over 50 thousands Naria

 

[King Belieal]

How would you stop dollar transactions in Nigeria? We don't produce anything apart from crude oil but we import the least thing as sachet water. The dollar would always beat Nigerian Naira down.

 

[Starmix]

Yeah even now in my country if you get allowance in dollars you are in money as only 50 dollars would give you over 50 thousands Naria

Dollar is great which is why many aspire to go to the USA, hehe . I plan to find a soul mate from USA,lol.

 

[Augusta]

Dollar is great which is why many aspire to go to the USA, hehe . I plan to find a soul mate from USA,lol.

Go for it mate. it's no bad idea. You would be exchanging it for more money which would not be a bad idea

 

[Starmix]

Go for it mate. it's no bad idea. You would be exchanging it for more money which would not be a bad idea

I will tell you if I succeeded . Iike to go to the United States of America. I'd like to experience winter, autumn and spring, lol.

 

[Augusta]

I will tell you if I succeeded . Iike to go to the United States of America. I'd like to experience winter, autumn and spring, lol.

Same here mate. We are in the same boat. Any chance I have would be greatly used to my advantage

 

[Trush Jodie]

Nigerian government is not ready to salvage the economy. When government officials are stacking dollars, they want dollar transactions to end for the common man.

 

[Augusta]

Well, any how we want to look at it. As Nigerian when you transact with dollars you are helping to devalue your naira that's the truth.