My understanding is that the NIN (national identity number) was partly implemented in the banking sector to improve KYC and transparency in the sector. If their data and analytic combo is great, they can use that to connect the pieces together for this task force (EFCC Launches Special Task Force To Combat Dollarization Of Nigeria’s Economy). I do hope we have been doing that before now.
In an official statement released on Wednesday, the EFCC disclosed its proactive measures to confront the pervasive dollarization phenomenon. Dele Oyewale, the Head of Media and Publicity for EFCC highlighted the agency’s commitment to curbing currency mutilation and the illicit adoption of the dollar as a primary medium of exchange in Nigeria as the naira’s value wanes.
Ola Olukoyede, who represented the Chairman of the EFCC, inaugurated the task force in Abuja, stressing the anti-graft agency’s pivotal role in safeguarding the economy against exploitation, financial leakage, and distortions. Olukoyede reiterated the agency’s dedication to upholding existing laws aimed at preserving the stability and integrity of Nigeria’s financial system.
I support any effort to improve Nigeria’s economy and I wish EFCC good luck on this: “In response to the alarming escalation of dollarization within Nigeria’s economy, the Economic and Financial Crimes Commission (EFCC) has taken decisive action by establishing a Special Task Force across all its Zonal Commands to checkmate the situation.”
Yet, EFCC cannot win a fight for Naira; only factories and warehouses (the modern and the old) can. If EFCC wants to help, it can probe all the contracts and implementations on the power sector in Nigeria since 1999. And get all those deals executed 100%. If there is electricity in Nigeria, the economy will rise. An electricity fighting task force is more strategic than a dollarization one in Nigeria.
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EFCC Launches Special Task Force to Combat Dollarization of Nigeria’s Economy
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