Kelvin Bowoto
Prince Chinedu Munir Nwoko, Senator of the Federal Republic of Nigeria, representing Delta North, has advocated for a complete ban on dollar transactions in Nigeria to prevent the wild decline of the naira.
Speaking in a Senate session, the businessman-turned-legislator highlighted that the naira has been relegated to the background while the dollar dominates the surface, causing Nigeria’s currency to decline.
According to him, Nigeria cannot sustain the usage of dual currencies, and thus the dollar should be fully outlawed in the country to allow the naira to rise again, while also calling for the removal of other policies that disadvantage the naira.
Nwoko emphasized that the naira should be made the exclusive legal tender for all citizens of the country.
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He explained that tourists should bring naira into the country, and crude oil should be traded in naira to enable the demand for the naira to become equivalent in other countries.
He went on to say that, while it may be difficult at first, it is necessary to save the Nigerian currency.
“No one will come to our aid if we do not make our money required, valuable, known, and quoted. The continued use of the dollar as legal tender weakens our economic sovereignty and must be stopped. We must no longer give people the confidence to conduct business in Nigeria using foreign money. This approach not only damages our economy but also fosters reliance on foreign currencies,” the congressman warned.
Ned Nwoko, speaking about the economy, said: “In an economy of this nature, we must think of consumers; the interest rate in Nigeria is currently unacceptable; we must think of an interest rate that is not more than 5%, so that people can begin to borrow; if people cannot borrow, they cannot survive; we must be able to borrow at an acceptable interest rate.”
Techrectory with Agency Report.
