During an appearance on Channels Television’s Politics Today, Ned Nwoko expressed concerns about Nigeria’s economic turmoil, emphasizing that the rampant use of foreign currencies is diminishing the value of the naira....CLICK HERE TO CONTINUE READING.>>
Nwoko pointed out that Nigeria uniquely allows currencies like the dollar, pound, and euro to circulate alongside the naira, effectively making it worthless on the global stage. He described the economy as being in disarray, stating, “It is in tatters. No matter how you look at it or what policies you introduce, nothing will work.”
Thank you for reading this post, don't forget to subscribe!He contrasted Nigeria’s situation with countries like the UK and the US, where foreign currencies must be exchanged at bureaux de change, and salaries are exclusively paid in local currency. This strict adherence to a single currency, he argued, creates a stronger demand for the local currency, unlike Nigeria’s approach.
To stabilize the Nigerian economy, Nwoko proposed that all foreign transactions require the naira, compelling foreign buyers to seek the local currency. He stressed, “As long as we tie our exchange rate to consumption, nothing will work. When Nigeria gained independence, the naira was strong. But as foreign currencies became prevalent, especially the dollar, the situation deteriorated.”
He explained that if foreign transactions in Nigeria required naira, foreign entities would have to exchange their currencies, thereby increasing demand for the naira. Currently, he noted, the ease of using foreign currencies has led to a lack of interest in the naira.
To remedy this, Nwoko has introduced a bill in the Senate aimed at banning the use of foreign currencies in Nigeria, with the goal of restoring the naira’s value and strengthening the economy.READ FULL STORY HERE>>>CLICK HERE TO CONTINUE READING>>>
