‘Nobody Looks For Naira Because We’ve Made It So Cheap To Transact Business In Dollars’ – Sen. Ned Nwoko

BY AUSTIN OYIBODE

Nigerian Senator Ned Nwoko has called for a ban on importing luxury goods and using foreign currencies for business transactions in Nigeria.

Nwoko said that the policy change will increase demand for the Naira, appreciate its value, and promote local production.

The Delta North PDP senator suggests that foreign businesses should use Naira for transactions, just like other countries require visitors to use local currencies. He also advocates for patronizing local refineries and banning refined product imports.

He said in other countries of the world, no matter the status of the individual, as soon as he or she enters the soil of the countries, he changes his foreign currency to the nation’s local currency.

According to him, though the CBN Act banned use of foreign currencies for business transactions, the need to seek its amendment and ensure it is enforced in the country, has become necessary.

He said: “You cannot pay for anything with the dollar in the United Kingdom. They use the pounds in the UK. In America, it is the dollar. There is no country that uses multiple currencies. For this to work in Nigeria, it means if anybody is coming to buy anything in the country, the person will use only the Naira for transactions.

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“So if they are coming from the UK, they will look for the Naira so that they can transact business in the country. Currently, nobody looks for the Naira because we have made it so cheap for them to transact business in dollars and other currencies. With that, there’s no global demand for the Naira.

“If the bill is passed, it means anybody coming to Nigeria must look for the Naira. By this there will be global demand for the Naira. And when there’s a global demand for it, there will be a rise in the value of the Nigeria currency.

“Currently, there is no demand for the Naira anywhere. If you carry a load of the Naira to Heathrow Airport, people will tell you there’s no demand for it. Therefore, for there to be demand for the Naira and increase its value, we must prohibit the use of foreign currencies in Nigeria. By this, people will begin to look for the Naira, and the value will appreciate.

“When the value appreciates with the prohibition law, people will demand for it in the UK and America, and other countries for future business transactions. But now, they don’t have any need for it because when they come to Nigeria they use their dollar to trade.

“You cannot go to Morocco and use any currency other than their local currency. Our allowance of use of dollar for business transactions in the country is a humiliation for our Naira.

“Anybody who wants to buy crude oil should pay in Naira. Currently, all foreign workers in Nigeria are paid in foreign currencies on Nigeria soil. This is discriminatory. This is unacceptable. In other countries, you are paid in their currencies, it doesn’t matter the work you do. We must seek to protect our currency.”

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Senator Nwoko also called for the prohibition of all luxury goods in Nigeria, saying “anything we cannot produce we should not import it. This will force us to produce in Nigeria. Government should ban importation of luxury or refined products into the country.

“We cannot continue to import and expect something different. We must patronize Dangote Refinery and take steps to repair our national refineries. This is the only country that is oil and gas producing but still importing refined products.”