Senator Ned Nwoko, representing the Delta North senatorial district in the Nigerian Senate, has made a bold statement regarding the country’s economic policies. He insists that no effective economic measures can be implemented as long as Nigeria allows the concurrent use of multiple currencies. This assertion was made during a recent appearance on Channels Television’s Politics Today.
During the broadcast, Nwoko expressed his deep concerns about the current state of the Nigerian economy, describing it as being “in tatters” and “in some kind of quagmire.” He emphasized that regardless of the policies introduced, nothing would succeed unless the country addressed its currency issues. “It doesn’t matter how you look at it or policies you’re trying to introduce here and there, nothing will work,” he stated firmly.
The senator pointed out that Nigeria stands out as the only nation where multiple currencies are actively in use, which he argues renders the local currency, the Naira, virtually valueless. “When we became an independent nation we had naira and our currency was quite strong,” Nwoko recalled. However, he noted that the introduction of foreign currencies like the dollar, pound, and euro has weakened the Naira’s status.
Nwoko drew comparisons with other countries, explaining that in places like Britain and the United States, foreign currencies are not accepted for everyday transactions. “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,” he explained. This scenario, he argues, highlights the necessity for Nigeria to establish a similar system to restore the Naira’s value.
For Nwoko, the solution lies in phasing out the use of foreign currencies entirely. He stated, “If we agree to phase out the use of foreign currency in Nigeria, it would mean that if you want to buy oil, gas, or gold in Nigeria, you would have to use only the naira.” By making the Naira the sole currency for transactions, he believes Nigeria can create a scenario where foreign entities would need to acquire Naira to do business in the country.
Currently, Nwoko argues that the ease of using foreign currencies has diminished the demand for the Naira. “Nobody looks for Naira because we’ve made it so easy for them to transact with other currencies,” he lamented. This situation, he claims, has contributed to the Naira’s lack of value on the global stage.
To address this economic dilemma, Nwoko has introduced a bill aimed at prohibiting the use of foreign currencies in Nigeria. This legislative effort, now before the Senate, seeks to establish a framework that would encourage the use of the Naira as the primary currency for all transactions within the country.
If implemented, Nwoko believes this bill could fundamentally transform the Nigerian economy. “When they begin to look for Naira, our currency will appreciate,” he asserted, emphasizing the importance of restoring confidence in the local currency.
