No Short Cut To Naira Appreciation, Says Ned Nwoko.

Nwoko, who represents Delta North, advised in a statement he signed and made available to the News Agency of Nigeria (NAN), in Abuja on Saturday.

He advised them to concentrate on tackling the main issues responsible for the Naira depreciation, saying there was no short-cut to success.

He said the quest for economic freedom and the strength of the nation’s currency was an ongoing journey.

Nwoko also said the continuous revisit to previously implemented policies and considerations of new ones were imperative.
He also said the value of a sovereign nation’s currency was the cornerstone of respect and collaboration among nations, while reiterating that Nigeria must stimulate Naira demand.

According to him, as a nation that exports crude oil and other commodities globally, it is imperative that all transaction on these items be conducted exclusively in Naira.

“This will incentivise buyers to seek out Naira, thereby driving its appreciation due to increased demand and scarcity.
“Moreover, the foreign reserve policy warrants reassessment. The practice of maintaining reserves in foreign jurisdictions, termed “foreign reserves,” is not only objectionable but also counterproductive to Nigeria’s economic sovereignty.
“Unlike other nations like the United States, Britain, France, and Japan, which hold their reserves domestically, Nigeria’s adherence to this practice raises questions about its colonial legacy.

“If our early indigenous leaders acquiesced to this approach due to colonial influence, why should we perpetuate it? The primary rationale often cited to justify foreign reserves is trade balance maintenance“, Nwoko said.

According to him, this argument lacks merit when considering the limited number of traders involved in importing goods into Nigeria, which constitutes a negligible fraction of the nation’s population.

“Therefore, the notion that foreign reserves are indispensable for trade balance equilibrium falls short upon scrutiny”, he said.

The lawmaker who is a Solicitor, Supreme Court of England and Wales, there was the need to acknowledge that the recent appreciation of the Naira was not solely attributable to the CBN’s new measures.

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“Rather, it can be attributed to the decline in refined oil imports following the production and distribution of refined petroleum from the local refinery – the Dangote refinery.

“Now envisage if other heavily consumed products were locally produced instead of imported. The success would be monumental and conspicuous,” he added.

In January, in a statement, he had preferred crucial measures to be adopted by the federal government CBN to combat dollarisation and stabilise the Naira.

Nwoko said that since the dissemination of that statement, various measures have been implemented to bolster the value of the Naira.

“However, the efficacy of these measures is yet to manifest fully, as the root cause of Naira devaluation remains unaddressed.

“Until we confront the underlying issues head-on, our efforts against dollarisation will be in vain,” he said.

This guy has ABANDONED his senses in Regina's vagina.

What a load of NONSENSE!

Exportation of crude oil is the ONLY way Nigeria generates dollars. Yet this man is advocating for selling that in Naira.

Plus the idea that holding our Foreign Reserves in Dollars is a leftover of the Colonial Era is just DUMB. Russia has over HALF A TRILLION DOLLARS as foreign reserves. Who colonised Russia?

The headless mod have contrary opinion.

The born haters of Nigeria dem

helinues:
The headless mod have contrary opinion.

The born haters of Nigeria dem

Lovers of Nigeria that support incompetent people to rule the country.

From buhari to tinupoo, carry failure gum for body

The president promised to fix the naira in 6 months don't come and start making excuses for him. Let him do as he promise

as a nation that exports crude oil and other commodities globally, it is imperative that all transaction on these items be conducted exclusively in Naira.

Ebola and his patch patch CV CBN governor are not doing anything extra, they're doing exactly what Emefiele they criticize did.

1. Tinubu floats naira...agbado mobs defended naira policy.

2. Tinubu/CBN defends naira that they floated...agbado mobs are defending it now.

No integrity whatsoever, just moving like programmed zombies.

Were y'all thinking the busted rate fixer would do much?

Pkay

Six months may likely end up in 6 years for Bola Ahmed Tinubu to fix the Naira

adrmelek:
The president promised to fix the naira in 6 months don't come and start making excuses for him. Let him do as he promise

I’m here to read comments and gather knowledge

Namaster:
This guy has ABANDONED his senses in Regina's vagina.

What a load of NONSENSE!

Exportation of crude oil is the ONLY way Nigeria generates dollars. Yet this man is advocating for selling that in Naira.

Plus the idea that holding our Foreign Reserves in Dollars is a leftover of the Colonial Era is just DUMB. Russia has over HALF A TRILLION DOLLARS as foreign reserves. Who colonised Russia?

Not funny alaye

You wey no dey Bleep fresh puna, u no still get sense

He is a successful man and senseble to reach his current status

Who are you?

Is your P Man more sensible than him?

You only have the opportunity to insult him because here is a faceless forum.

slivertongue:
as a nation that exports crude oil and other commodities globally, it is imperative that all transaction on these items be conducted exclusively in Naira.

You have made some sense, still I will disagree with you. Your solution can only work if Nigeria has 0% importation, and we produce everything we need as a country.

If importation is way higher than exportation, then it’s the prevailing currency of importation that will determine your economy.

helinues:
The headless mod have contrary opinion.

The born haters of Nigeria dem

senseless comments all the time

COMRADES, hope apc and CBN are listening