Use Naira As Only Legal Currency In Nigeria — Ned Nwoko

In a bid to halt the Naira’s steep decline, Senator Chinedu Munir Nwoko, representing Delta North, has proposed a radical measure: a total ban on dollar transactions in Nigeria. Addressing the Senate, Nwoko highlighted the overshadowing of the Naira by the dollar, contributing to its depreciation.

He emphasized the unsustainability of a dual currency system, advocating for the exclusive use of the Naira to restore its value. Nwoko proposed compelling all transactions to be conducted in Naira, including tourism and crude oil sales, to boost demand and recognition of the local currency.

While acknowledging the initial challenges, Nwoko stressed the necessity of this move to rescue the Naira from further devaluation. He underscored the importance of economic sovereignty, arguing that continued reliance on the dollar undermines Nigeria’s economy and perpetuates foreign currency dependency.

Nwoko also addressed broader economic concerns, calling for a reduction in the interest rate to stimulate borrowing and economic activity. He emphasized the need for accessible borrowing conditions to foster economic growth and resilience.

In summary, Nwoko’s proposition seeks to restore confidence in the Naira, promote economic independence, and address structural issues hindering Nigeria’s economic prosperity.

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