The Delta North senator from Nigeria, Chinedu Munir Nwoko, has called for a drastic measure to stop the sharp depreciation of the Naira. He highlighted the negative effects of the dollar’s dominance on the value of the Naira and suggested a total ban on dollar transactions within Nigeria. CONTINUE FULL READING>>>>>
Sen. Nwoko stressed the urgent need to bring back the Naira’s importance at a Senate plenary session, arguing that Nigeria cannot support a dual currency system. To increase the Naira’s demand and value both locally and globally, he advocated making it essential to use it for all transactions, including the sale of crude oil and travel-related activities.
Senator Nwoko acknowledged the challenges associated with such a transition but underscored its necessity to safeguard Nigeria’s economic sovereignty. He criticized the current economic policies, advocating for a maximum interest rate of 5% to stimulate borrowing and consumer activity, vital for economic growth and resilience.
The proposal signals a bold move towards strengthening Nigeria’s currency and reducing dependency on foreign currencies, with Senator Nwoko urging concerted efforts to prioritize the Naira’s stability and vitality in the country’s economic landscape.
According to Leadership News, he said: “If we don’t get our currency to be needed, valued, known, and quoted, no one is coming to do it for us. Continued acceptance of the dollar as legal tender undermines our economic sovereignty and must be halted. We must stop giving people the confidence to conduct business in Nigeria using foreign currencies. This practice not only undermines our economy but also perpetuates dependency on foreign currencies,” the lawmaker stated. CONTINUE FULL READING>>>>>
