Senator Ned Nwoko has urged the administration of President Bola Tinubu to immediately abolish the use of the American dollar and all other foreign currencies in Nigeria, as a means of tackling the current economic hardship faced by Nigerians
The Senator representing Delta North Senatorial District at the National Assembly, who gave the charge while speaking with THISDAY, on the state of the nation, warned that until the naira was made the only legal tender in Nigeria, nothing much would be achieved from the country’s monetary policy.
While lamenting that Nigeria gained independence over 60 years ago and remain dependent economically on the West, Nwoko, also called for the return of Nigeria’s foreign reserve to the country; to be kept by the Central Bank of Nigeria (CBN) and disbursed to manufacturers to boost production.
“We keep talking about monetary policy, nothing is going to work until we stop using the dollar”, he said while pointing out that the biggest problem confronting Nigeria was the use of the dollar and other foreign currencies within the country.
“The president have to stand up and lead, he should not worry about the US and UK”, he said, “we should strive towards economic independence” to move the country forward and meet the aspiration of the people.
The legislator argued that when the use of foreign currencies was prohibited and payments for crude oil are done in naira, there would be demand for naira and its value would appreciate.
He described as an anomaly and insulting for Nigeria to keep her money in a foreign bank which in turn was being used for the development of that country and not in the interest of Nigeria.
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