Business
Banks Responsible For Naira Depreciation – Senator Nwoko (Video)
The incumbent Senator representing Delta North of the Peoples’ Democratic Party (PDP), Ned Nwoko, has stated that banks are 40% the cause of previous declines of the Nigerian naira.
Nwoko said this in a chat with Seun Okinbolaye of Channels Television.
He said, “Banks here don’t do normal banking because they’ve found a way of making money through buying and selling of dollars. So they have more or less bastardized the economy. They are 40 percent the problem of Nigeria.
“If you remove dollars from within the system and make it compulsory for people to trade and buy things in naira, you will begin to see the effect of what I am proposing.”
Siting instances, he said, “For example, the sale of oil, gas and whatever raw material we are exporting, should all be traded in naira. When this is done, foreigners who are buying things will pay in naira.
“When there is demand for Naira, the value for naira will increase. And you will see immediately that naira will appreciate. Until that is done, we are just creating problems for naira.”
Watch video below 👇
GWG.ng reports that the assertions of Senator Nwoko on banks being the problem of the naira is bound to be echoed by a large section of the critical public.
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