EFCC Officials Flood PDP Convention, Reason Unknown

Officials of the Economic and Financial Crimes Commission, EFCC have flooded the venue of the ongoing Presidential primary election to elect a candidate that will be the flag bearer of the Peoples Democratic Party, PDP in the forthcoming 2023 general election.

The motive behind the heavy present of the EFCC Officials at a party primary election ground is officially yet to be stated.

The PDP national convention holding at MKO Abiola stadium in Abuja had been speculated to have most of the party delegates well bribed or lobbied with huge amount of dollar.

“Dollar is raining here”, the source said.

Some information indicated that many of the delegates received up to 50 thousand dollar each from one of the prominent aspirants.

Another information pointed out that some of the delegates are lodged in a secret hotel with 15 thousand dollar given to each of them to vote for a particular aspirant.

OsazuwaAkonedo reports that Nigeria is witnessing the worst form of economy under President Muhammadu Buhari; following the kind of leadership provided by the Central Bank of Nigeria Governor, Godwin Emefiele who have permitted money depositing banks to indirectly promote the use of dollar in Nigeria.

Soon after President Muhammadu Buhari came into power, commercial banks placed an embargo on naira debit and credit cards.

Before, Nigerians can use their naira master or visa card to purchase or pay for services up to 1000 dollar or more.

But the coming of Buhari, the commercial banks, first, before 2020, reduce the amount to 300 dollar maximum amount transactions per month.

This makes the naira to fall heavily both in the official and the black market prices to the dollar.

The battling, less than 200 naira to a dollar rise gradually, increasing above 320 naira to a dollar.

In 2021, the commercial banks’ owners and controllers conspired again and reduced the transaction limit on naira debit card or account to 100 dollar maximum amount transactions per month.

Sequel to this, the naira falls higher and cost of living has continued to increase to a worsening level in Nigeria.

The naira falls to almost 500 naira to a dollar with a slight difference both in the official and black market sales and payment.

Bad as it maybe, before 2022, all commercial banks have a uniform amount per monthly transaction limit one can use his or her naira debit or credit card to carry out international business transactions, but, since January, this year 2022, all commercial banks at their own will now determine the amount one can transact with his or her naira debit or credit card internationally.

Some commercial banks placed 50 dollar maximum per month on naira card for International transactions. While most others placed 20 dollar maximum per month.

The bad economy strategies practiced by deposit money banks in Nigeria as permitted by the CBN saw the naira falling so low and continuously low to the dollar since the beginning of this year.

Naira has fallen to 600 naira to a dollar.

The bad dollar economy or fraudulent new pattern of business or way of making more profits at the detriment of others; as practiced by commercial banks and permitted by the CBN directly pushed millions of Nigeria business men and women to the black market to demand for dollar.

They must go to the black market to buy dollar to fund their domiciliary account which is the only means they can engage in international business transactions up to thousands of dollars per month.

This makes the dollar a product always on a high demand in Nigeria.

Business men and women have said that when ever they approach the commercial banks to buy dollar, the banks always claim they don’t have.

So, when official purchase of dollar is less than 500 naira, they are forced to buy the product at the black market at 600 naira.

“The black market, the abokis and others always have dollar of any amount to sell to us but the commercial banks will never sell to us”, a business man who doesn’t want his name on print said.

“President Muhammadu Buhari should ban domiciliary account. All international business transactions must be done with our naira account. Why should I be in Nigeria and be looking for another man’s currency to buy before I can transact international business.

“This should stop. A goods or services that should cost just 405 naira per dollar at the official price will now cost 600 naira to a dollar as a result of going to the black market first.

“You can see the 195 naira difference. That’s why things are very cost in Nigeria. Because almost all the businesses in Nigeria cannot complete their product or service without buying one or two things from abroad”, the source added