Senator Ned Nwoko Urges Senate: ‘Ban Dollar Usage In Nigeria’ To Strengthen Naira

Senator Ned Nwoko Urges Senate: ‘Ban Dollar Usage In Nigeria’ To Strengthen Naira

Senator Ned Nwoko has called upon the Senate to take decisive action by banning the use of dollars in Nigeria, citing it as a critical step towards bolstering the nation’s currency….READ ALSO Senator Ned Nwoko Unveils Ambitious Bill For Nigerians’ Right To Bear Arms In Self-Defense

Addressing the Senate during its plenary on Thursday, February 22, Nwoko highlighted the detrimental effects of the dual currency system on the Nigerian economy, emphasizing the need to prioritize the Naira.

“I have lamented about the fundamental problem we have in Nigeria, and that is the use of dual currency. There is no other economy that can thrive under such conditions. We have marginalized the Naira, with everyone fixated on the dollar, which exacerbates our challenges,” Nwoko asserted.

While acknowledging the potential challenges associated with such a move, Nwoko underscored the necessity of ceasing dollar usage in Nigeria to pave the way for sustainable economic development.

“It might be a difficult thing to contemplate, but what needs to be done is clear: we must halt the use of dollars in Nigeria. Once implemented, this measure will catalyze positive transformations across all sectors,” Nwoko elaborated, advocating for a shift in currency dynamics to reassert the Naira’s prominence.

Nwoko’s proposal comes amidst ongoing concerns over the forex crisis gripping Nigeria, with the Senator urging his colleagues to prioritize national interests in charting a path towards financial stability and prosperity for all Nigerians.