Senator representing the Delta North Senatorial district, Senator Ned Nwoko has given his thoughts on the current naira and dollar fluctuation. Ned Nwoko In a recent interview with NTA, states that the current naira downturn is not starting g of recent but is historical. This he asserts that loss of value of the naira can be traced back to when the sovereignty of Naira was given to other countries in the daily transactions as it barely made the naira known beyond our borders.
Nwoko states that there is a need for the naira to be the only legal tender that is been used within the country by both foreign businesses and others as it will help strengthen the value of the naira. That the use of foreign currency to pay foreign businesses or employees in a country isn’t done everywhere in the world.
“We must get rid of the idea the we are embedded with dollar to the extent that we now have a foreign reserve account elsewhere. That is tragic that an Independent nation will have its reserves elsewhere. I advocate that we close foreign reserve exchange account and that it should be controlled by the CBN. That money can be given to commercial banks to operate by which such monies can be used to give out loans to youths and this will bring impact to the economy.
“Secondly; I advocate that foreign workers be paid in naira. Thirdly; we must close all dumb account in our commercial banks as there is no gain saying that creating or keeping dual account creates problem, all this to be done just takes a policy statement by the President to close all these accounts and it will fortify naira been transacted amongst the citizens. Fourthly; there should be prohibition of payment of rents purchase of items in Nigeria with foreign currency, no matter what sort of business that is been operated.
“Fifth; we have our own problems that well known to us in Nigeria and it is not necessary to be taking orders from IMF, Workd Bank, that have little or no experience of our daily struggles. As a country if we want to strengthen our naira we must learn to take less advise from these foreign bodies that don’t understand the plight of what we as a people go through. We are the only ones that can increase the value of the naira, don’t be frightened by the minster pegging Interest rate at 28% or more, in a country that is organized the increased interest rate is way to control the economy when there is inflation. And what we current experience is hyper inflation. You see how the price of goods and commodities Has drastically increased over the months.
“Allowing foreign currency in Nigeria has come with a lot of problem. As the black market has been in control of it and they can choose to sell it at rates that suits them. If we can get rid of foreign currencies the naira will stabilize and there will be a shift in the economy. For this to happen we must embark on an economy revolution and it is the president that would have lead it. Ban or importation of goods, do what Korea did some years ago, do what Malaysia did some years ago and ban the importation of goods and this can inspire out population to be self dependent and manufacture our own.
We need a currency that we regard and for also it to be recognized globally, only that can the naira be attractive and boost the economy.
