Prince Ned Nwoko, a senator of the Federal Republic of Nigeria, representing Delta North has made a call for a significant economic overhaul by advocating for the ban of dollar transactions in Nigeria.
Addressing the Senate plenary, the businessman turned lawmaker emphasized the urgent need to prioritize the Naira as the sole legal currency in the country to combat its ongoing depreciation.
Nwoko highlighted the detrimental impact of the prevalent use of the dollar alongside the Naira, stating that it undermines the value and demand for Nigeria’s currency. He stressed the importance of ending the dual currency system to restore the prominence of the Naira in the national economy.
According to Nwoko, transitioning to a single-currency system would require comprehensive measures, including mandating the use of the Naira for all transactions within the country.
He proposed that tourists should be required to use Naira during their visits, and even advocated for crude oil sales to be conducted exclusively in Naira to bolster its demand on the global market.
The senator acknowledged the challenges associated with implementing such a policy but emphasized its necessity to salvage the Nigerian currency from further decline. He argued that continued reliance on foreign currencies, particularly the dollar, hampers Nigeria’s economic sovereignty and perpetuates dependency.
Furthermore, Nwoko addressed broader economic concerns, including high-interest rates that hinder borrowing and economic growth. He called for a reconsideration of interest rates, suggesting that they should not exceed 5% to facilitate borrowing and stimulate economic activity.
