Economic Crisis: Ned Nwoko Explains Why Tinubu’s Strategies Are Ineffective
Senator Ned Nwoko, who represents Delta North, believes that Nigeria’s economic reforms will not succeed as long as multiple currencies are allowed to circulate, which undermines the value of the naira.
In an interview on Channels Television’s Politics Today, Nwoko highlighted that the economy is in a mess, with the widespread use of foreign currencies harming the naira’s worth. He noted that Nigeria is unusual for allowing currencies like the dollar, pound, and euro to be used alongside its own currency, making the naira almost worthless on the global stage.
He expressed concern that the economy is struggling and that no policies will be effective under the current conditions. Nwoko compared Nigeria to other countries, like the UK and the US, where only local currencies are accepted for transactions, and foreign currencies must be exchanged at designated locations.
He argued that allowing foreign currencies in Nigeria prevents any significant demand for the naira. To stabilize the economy, he suggested that all transactions in Nigeria should be done using naira, compelling foreign buyers to obtain the local currency.
Nwoko pointed out that when Nigeria became independent, the naira was strong, but the introduction of foreign currencies like the dollar, pound, and euro has weakened it. He emphasized that in countries like the UK and the US, you cannot use foreign currencies for purchases; everything is done in local currency.
He concluded that to improve the situation, Nigeria should stop the use of foreign currencies, which would increase demand for the naira and help its value rise. Nwoko has even proposed a bill in the Senate to ban foreign currency use in Nigeria to restore the naira’s value and strengthen the economy.
