Senator Ned Nwoko, Chairman of the Senate Committee on Reparations and Repatriation, has reiterated his call for a ban on the use of foreign currencies, including the US Dollar, in Nigeria. The Delta North senator argues that the widespread use of foreign currencies has contributed to the decline in the value of the Naira, thus hampering the country’s economic growth.
Speaking with journalists over the weekend, Senator Nwoko emphasized that the use of foreign currencies in Nigeria is a lingering colonial legacy, as the country has yet to achieve full economic independence despite gaining political freedom in 1960. He described the dominance of currencies like the Dollar and Pound Sterling as detrimental to the Nigerian economy.
“The more people are comfortable and richer, the less crime. The hungrier and desperate they are, the more crime,” Nwoko stated, linking the country’s economic struggles with the rise in criminal activities such as terrorism, banditry, and kidnapping. He further argued that Nigeria’s dependency on foreign currencies has kept it economically dependent on Western nations.
Nwoko stressed that for Nigeria to prosper, the Naira must become a global currency. He pointed out that in countries like the United Kingdom and the United States, the local currency is the only one used for transactions, and he believes Nigeria should adopt a similar approach.
The senator also highlighted the challenges Nigerians face with the Naira, particularly when traveling abroad. “If you go to the United Kingdom or the United States, you cannot exchange your Naira for their local currency. It has no value in those countries,” he said, underlining the need for reforms to ensure that the Naira holds more value internationally.
Senator Nwoko’s statement calls for urgent policy changes to shift Nigeria away from foreign currency reliance, with the goal of strengthening the local currency and improving the country’s economic standing on the global stage.
