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 Journalists 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.
He 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, while charging the president to stand up and lead and not to worry about the US and UK but strive towards economic independence, moving the country forward and meeting the yearnings 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, describing this agelong practice as insult for Nigeria.
Nwoko stated that, if what the country has as foreign reserved was brought back to Nigeria, it would help resuscitate many moribund and ailing industries.
“We just had a meeting with some European Union parliamentarians, I asked the one from Greece if they use the dollar, he said no, I also asked the one from Italy he said no. I asked them if they have foreign reserve, none of them have foreign reserve. So why should we?’’ he queried.
