Top Stories

Hardship: Our economy in tatters – Ned Nwoko gives reason Tinubu’s policies won’t work

The senator representing Delta North senatorial district in the Nigerian Senate, Ned Nwoko, has insisted that no economic policy would work in the country as long as Nigeria continues to allow use of different currencies.

The lawmaker stated this during Wednesday’s edition of Channels Television’s Politics Today, noting that the economy is currently in tatters.

The Senator said that Nigeria is the only country where multiple currencies are being used concurrently, thereby making the local currency valueless.

“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.

“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.”

Ned Nwoko’s bill for the prohibition of foreign currency use in Nigeria is currently before the Senate.

thepublisherngr

Recent Posts

Forex crisis: FG gives Nigerians 9 months to deposit dollars in bank

Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has revealed a new…

6 hours ago

Fuel price increases testing our limits – Labour

Organised Labour has said the latest increase in the pump price of petrol was pushing…

6 hours ago

‘Tinubu’s Administration Will Turn Stone To Bread’ – David Umahi

The Minister of Works, Senator David Umahi, has reaffirmed the dedication of President Bola Ahmed Tinubu’s administration…

7 hours ago

NEC: Governors Advise Tinubu to withdraw tax reform bill from NASS

The National Economic Council, comprising members of the Nigerian Governors Forum has advised the presidency…

7 hours ago

Canaanland Risks Losing Airstrip As Reps Seek Revocation Of Private Licenses

The house of representatives has asked Festus Keyamo, minister of aviation and aerospace development, to…

19 hours ago

Helicopter Crash: NSIB gives fresh update, says 5th body recovered

The Nigerian Safety Investigation Bureau (NSIB) on Wednesday said it has recovered the fifth body…

19 hours ago