Senator Ned Nwoko, who represents Delta North in the Nigerian Senate, recently emphasized that Nigeria’s economy will struggle as long as different currencies are used within the country. He expressed these views during an appearance on Channels Television’s “Politics Today” program, where he stated that Nigeria’s economy is in a dire state.
According to Senator Nwoko, Nigeria is unique because it allows the use of multiple currencies alongside the Naira, which he believes has weakened the local currency’s value. He argued that no new economic policy will be effective if foreign currencies, like the dollar, pound, and euro, continue to circulate within Nigeria. He noted that other countries don’t allow this practice: in the United Kingdom, for instance, only pounds are used, and salaries are paid in pounds. Likewise, in the United States, only the dollar is used. Foreign currencies must be exchanged before they can be spent in these countries.
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Senator Nwoko suggests that if Nigeria were to limit transactions to the Naira only, it would create demand for the local currency. This shift would mean that foreign businesses wanting to buy Nigerian resources, such as oil or gold, would need to obtain Naira to complete their transactions. Currently, however, foreigners can come to Nigeria and easily use their own currencies, which reduces the need for Naira and weakens its value globally.
He believes that stopping the use of foreign currencies within Nigeria would make the Naira stronger. By forcing demand for Naira, its value would likely increase. To achieve this, Senator Nwoko has proposed a bill in the Senate that aims to ban the use of foreign currencies in Nigeria.
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