Chairman of the Senate Committee on Reparations and Repatriation, Senator Ned Nwoko, PDP, Delta North, has reiterated his call for a ban on the use of the United States Dollar and other foreign currencies as means of exchange and payment for goods and services in Nigeria.
According to Nwoko, the use of foreign currencies in Nigeria, their prevalence, and dominance in the financial system have sidelined the local currency, the Naira, causing a negative impact on its value. He emphasized that his passion for this idea stems from the belief that the proposed ban holds the key to Nigeria’s economic freedom and growth.
Speaking with journalists over the weekend, Senator Nwoko noted the urgent need to prohibit the use of foreign currencies in Nigeria, describing the use of the Dollar, Pound Sterling, and other foreign currencies as a colonial hangover.
Nwoko also linked the poor state of Nigeria’s economy to various social vices such as terrorism, banditry, kidnapping, armed robbery, and the general state of insecurity.
He insisted that the local currency-Naira should be used as the only form of exchange in Nigeria, as this would help build Naira into being a global currency.
0
0
