“Ban the Use of Dollars in Nigeria”: Senator Ned Nwoko Tells CBN Amid Forex Crisis

“Ban the Use of Dollars in Nigeria”: Senator Ned Nwoko Tells CBN Amid Forex Crisis

  • One of the top lawmakers in the southeast, Senator Ned Nwoko, has listed ways the Nigerian currency can be rescued
  • The lawmaker urged the leadership of the CBN under President Bola Tinubu to make the naira a legal tender and completely ban the use of dollars for transactions
  • Senator Nwoko stated specifically that Nigeria cannot survive with the use of dual currencies

Legit.ng journalist Esther Odili has over two years of experience covering political parties and movements.

As part of the move to save the naira, Senator Ned Nwoko, the lawmaker representing Delta North, has called for a complete ban on dollar transactions in Nigeria.

CBN, FG, Tinubu, Ned Nwoko, Senate, naira, dollars
Senator Ned Nwoko has urged the CBN leader, Yemi Cardoso, to ban the use of dollars in Nigeria.
Photo credit: Yemi Cardoso, Senator Prince Ned Nwoko
Source: Facebook

Speaking at the Senate plenary, the lawmaker noted that Naira had been relegated to the background while the dollar is visible on the surface, thereby making Nigeria’s currency depreciate.

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According to him, Nigeria cannot survive with the use of dual currencies, hence, dollar should be banned completely in the country for Naira to rise again.

Ned stated thus:

“The fundamental problem we have in Nigeria is the use of dual currencies in Nigeria. There is no other economy that can survive with that. We must understand that we have relegated naira to the background everybody is talking about dollars and dollars is what is causing the problems.

“It might be a difficult thing to contemplate but it has to be done. What had to be done is that we have to stop the use of dollars in Nigeria. Mr. president, once you do that everything will begin to take shape.”

The Delta North senator also explained how the federal government can achieve the objective.

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Senator Ned Nwoko added:

“In Nigeria, we must make it compulsory for the use of naira. Even the sale of crude oil must be done in Naira. Anybody that is coming to Nigeria as a tourist, must come here with naira.

“By the time you make it compulsory for people to come here with naira, the need for naira, the demand for naira will become prevalent in those countries. So they will go to the banks to buy naira to come to Nigeria.

“In an economy of this nature, we must think of consumers. The interest rate currently is unacceptable. We must think of an interest rate that is not more than 5%.”

Watch the video below as Ned advises FG, CBN

Atiku lists 4 policy prescriptions to rescue Nigeria

Earlier, Legit.ng reported that Atiku Abubakar said President Tinubu told experts offering ideas on resolving the economic crisis that they do not distract him and his team.

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Atiku said this happened at a meeting called to address the Foreign Exchange crisis and the problem of economic downturn on Thursday, February 15.

The presidential candidate of the Peoples Democratic Party (PDP) disclosed this via his X handle (formerly known as Twitter) @atiku.

He said he could not continue to keep quiet as Tinubu’s administration’s wrong policies continued to cause untold pain and distress to the economy.

Source: Legit.ng


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