₦airaland Forum

Delta North’s Senator, Ned Nwoko, has said that Nigeria’s economic reforms will fail so long as the government allows multiple currencies to exist, which weaken the naira’s value.

The state of our economy is dire,’ Nwoko lamented on Channels Television’s Politics Today. ‘The dominance of foreign currencies such as the dollar, pound, euro, and renminbi has led to the devaluation of our naira, making it a matter of grave concern.’

Nigeria, according to Nwoko, stands alone in its policy of allowing its citizens to use foreign currencies, such as the dollar, pounds, and euros, alongside the local currency. ‘This has resulted in the naira losing its value on the global stage, a situation that urgently needs to be addressed.'

“Our economy, as it is, is in tatters. It is in some kind of quagmire. It doesn’t matter how you look at it or policies you’re trying to introduce here and there, nothing will work,” the lawmaker said

He drew a parallel with other countries, noting that they also don’t mix currencies: foreign currencies in the UK and the US must be exchanged at bureaux de change, and salaries are paid only in local currency.

Regrettably, Nigeria’s government's tolerance for foreign currency use is hindering any meaningful demand for the naira, Nwoko asserts.

To restore stability to Nigeria’s economy, Nwoko proposes a significant change: all foreign transactions must be made in naira, compelling foreign buyers to use the local currency.

“Nothing will work as long as we keep tying the exchange rate to our consumption. When we became an independent nation we had naira and our currency was quite strong.

“Then suddenly, we began to have other currencies, dollar, particularly, and pounds and now Euro. There’s no country that I know in the world that has the use of multiple currencies.

“If you go to Britain with the dollar, you must change it at the BDC. You cannot pay for anything with the dollars in the UK. Everybody is paid their salaries in pounds in the UK. The same thing when you go to America. Everybody uses dollars.

“So, for things to work, assuming that we agree to phase out the use of foreign currency in Nigeria, what it means is that if you want to buy oil, gas or gold in Nigeria, it would require you to use only the naira.

“So, if they’re coming from the UK for example, they’d look for Naira so that they can transact because they know they can’t use any other currency.

“Currently, nobody looks for Naira because we’ve made it so easy for them to transact with other currencies. They can come here with any currency and that means effectively, there is no global demand for our Naira. Our money has no value beyond Naira.

“For things to work, we must prevent the use of foreign currencies and then people will start to look for the Naira. When they begin to look for Naira, our currency will appreciate,” he stated.

Nwoko – who introduced a bill in the Senate calling for a ban on the use of foreign currency in Nigeria as a step to restoring the naira and the economy – argues that it’s actually a countrywide replica of the Akan system.

Source: https://femotech.com.ng/tinubus-policies-will-not-work-ned-nwoko-alert-nigerians/

We know that very well, Only zombiess say otherwise

His opinion

He is very correct...

Good point here by nwoko, but the dullard and his goons of drug associates can never reason something meaningful like this. Association of criminals parading as government officials

BlackfireX:
Igbo people always having bad opinion about yorubas government

is it only the yoruba that is paying tax to the government?

The policies makes absolutely no economic sense... Not a single policy here can encourage growth


I have dare APC supporters to name the policies of the president that can kick start economic growth


None have named any

helinues:
His opinion

Precisely.

BlackfireX:
Igbo people always having bad opinion about yorubas government

They'll always be that way because of perennial envy and inferiority complex against Yorubas.

Politicians...

They always say the right things.

Until they are in position to fix things.

Then they become clueless demi gods trying to make the common man disappear or locked up...

... In their generator houses!

Aboki can kill you in a second for this statement.

Esama:
Aboki can kill you in a second for this statement.

This is bold comment coming from Nwoko.

I must say Nigeria have over pampered the north as they are so obsessed with dollar and always view every reform from a tribal angle. They would simply term such move as South trying to kill northerners business who are into bureau de change.

Beyond this, the elites and particularly the politicians are culpable because of their penchant for dollar.

All the bribes carried out in the course of thier dirty oversight with multinational were done using foreign currency.

Place foreign currency detector at National Assembly, Also Rock and state government houses and see naira appreciate within one week.

This bill should include grave punishment for any public servant caught with dollar in his poccession and operation of domiciliary accounts by public officers should be banned.

The masses are the one paying for the recklessness of the elite and political leaders

WizardOfNG:
They'll always be that way because of perennial envy and inferiority complex against Yorubas.

So dem dey envy you like dis now!?

What do you even have, clown!

They will call him IPOB...and a BIAFRAN apologists.

Tomorrow they will say IGBOs want to claim Anioma and are land grabbers.

They will also say that NED NWOKO is a terrorist


They must cry Blood

TINUBU is Guilty of all these things

Buhari was Guilty of all these things


But you gleefully supported them, because of Tribalism and bigotry.

Now i ask a pertinent question.

Arent you a foolish wailer now?

Ttalk:
This is bold comment coming from Nwoko.

I must say Nigeria have over pampered the north as they are so obsessed with dollar and always view every reform from a tribal angle. They would simply term such move as South trying to kill northerners business who are into bureau de change.

Beyond this, the elites and particularly the politicians are culpable because of their penchant for dollar.

All the bribes carried out in the course of thier dirty oversight with multinational were done using foreign currency.

Place foreign currency detector at National Assembly, Also Rock and state government houses and see naira appreciate within one week.

This bill should include grave punishment for any public servant caught with dollar in his poccession and operation of domiciliary accounts by public officers should be banned.

The masses are the one paying for the recklessness of the elite and political leaders

WizardOfNG:
Lol. IPOB layabout who fancies himself an economist. What exactly do you know? What are your credentials and achievement? All you people know to do is say automatic no when Yorubas say yes.

U would have stated the policies then instead of this rubbish

This bill should be implemented without delay if truly these Politicians want Naira to appreciate. It does not take anything away from the Abokis who are into BDC, infact it will make their biz boom because of increased patronage since everyone dealing in Dollar will have to meet them for changing every time. Pls let's implement without delay........except there is something I am missing

Sultanofpiglets:
TINUBU is Guilty of all these things

Buhari was Guilty of all these things


But you gleefully supported them, because of Tribalism and bigotry.

Now i ask a pertinent question.

Arent you a foolish wailer now?

Stop being stupid, Tinubu is guilty but Obi is not.

Is it naira Obi is using for the importation of perishable goods he is selling?

With your poor mental capacity, you must link everything to Tinubu because Igbo people are not part of the elite and the politicians.

Never you quote me again with this silly opinion

Says a child molester.

Oluchiugo:
This bill should be implemented without delay if truly these Politicians want Naira to appreciate. It does not take anything away from the Abokis who are into BDC, infact it will make their biz boom because of increased patronage since everyone dealing in Dollar will have to meet them for changing every time. Pls let's implement without delay........except there is something I am missing

The bill will not allow unofficial trading of currency among Nigerians while investor that are coming for business would transact directly with the banks. H

csamii:
So dem dey envy you like dis now!?

What do you even have, clown!

Looooooool

Person wey dem de feed for house

WizardOfNG:
Precisely.

see mumu linking with mumu equal mumu^2

WizardOfNG:
Precisely.

Only if the so called opposition can be respecting others opinions like this

We should be impressed that we have one Senator with great intellect. Ned Nwoko has been exceptional in the Senate and has been presenting great Bills to the Parliament.

I have wondered why Tinubu has not realized these flaws especially when he kept repeating that he worked as Accountant in Mobil and other finance firms.

Apart from collecting women please can we see any bill that you are sponsoring that is helping safe lives?

TheBillyonaire:
We should be impressed that we have one Senator with great intellect. Ned Nwoko has been exceptional in the Senate and has been presenting great Bills to the Parliament.

I have wondered why Tinubu has not realized these flaws especially when he kept repeating that he worked as Accountant in Mobil and other finance firms.

Great intellect but sleeping with a girl that should be around his daughter's age.

Intellect don get new meaning be that

helinues:
Great intellect but sleeping with a girl that should be around his daughter's age.

Intellect don get new meaning be that

Yes.

Adulthood begins at 18. Did you not get the memo?

Are you saying you will reject 18 years old that you love cos you are 69?