Kehinde Fajobi
Chairman of the Senate Committee on Reparations and Repatriation, Senator Ned Nwoko (PDP, Delta North), has renewed his call for a ban on the use of foreign currencies, such as the US Dollar and Pound Sterling, for transactions in Nigeria.
He argues that the dominance of foreign currencies in the country undermines the Naira and hinders Nigeria’s economic independence.
Speaking to journalists over the weekend, Nwoko described the use of foreign currencies in Nigeria as a “colonial hangover” and urged immediate action to prioritise the Naira.
“While we gained political independence in 1960, we are yet to achieve economic independence,” he remarked.
Nwoko linked the devaluation of the Naira to Nigeria’s economic challenges, saying, “For our economy to improve, we must ensure the Naira becomes a global currency. Nigerians should be able to exchange their Naira for any foreign currency worldwide, just as the Dollar is used universally.”
He also tied the country’s economic struggles to rising insecurity, stating, “The economy and crime are interconnected. When people are comfortable, crime reduces. But when they are desperate and hungry, crime increases.”
The senator criticised over-reliance on Western currencies, explaining, “From independence, we’ve been dependent on Western economies. They’ve made us use their currencies, but they’ve never used ours. If we want to prosper, we must reverse this dynamic.”
Nwoko suggested that achieving economic self-reliance could serve as a “one-stop solution” to many of Nigeria’s challenges, including terrorism, banditry, and kidnapping.
He emphasised that tackling these issues requires systemic change, not just military interventions.
He concluded by urging Nigerians to embrace the Naira, adding, “If the Naira has value globally, salaries paid in Naira will suffice for a comfortable life. Economic independence is essential for national growth.”