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Hardship: Our economy in tatters – Ned Nwoko gives reason Tinubu’s policies won’t work

Politics tamfitronics

NEDnwoko2

The senator representing Delta North senatorial district inthe Nigerian Senate, Ned Nwoko, has insisted that no economic policy would workin the country as long as Nigeria continues to allow use of differentcurrencies.

The lawmaker stated this during Wednesday’s edition ofChannels Television’s Politics Today, noting that the economy is currently intatters.

The Senator said that Nigeria is the only country wheremultiple currencies are being used concurrently, thereby making the localcurrency valueless.

“Our economy as it is, is in tatters. It is in some kind ofquagmire. It doesn’t matter how you look at it or policies you’re trying tointroduce here and there, nothing will work,” the lawmaker said.

“Nothing will work as long as we keep tying the exchangerate to our consumption. When we became an independent nation we had naira andour currency was quite strong.

“Then suddenly, we began to have other currencies, dollar,particularly, and pounds and now Euro. There’s no country that I know in theworld that has the use of multiple currencies.

“If you go to Britain with the dollar, you must change it atthe BDC. You cannot pay for anything with the dollars in the UK. Everybody ispaid their salaries in pounds in the UK. The same thing when you go to America.Everybody uses dollars.

“So, for things to work, assuming that we agree to phase outthe use of foreign currency in Nigeria, what it means is that if you want tobuy oil, gas or gold in Nigeria, it would require you to use only the naira.

“So, if they’re coming from the UK for example, they’d lookfor Naira so that they can transact because they know they can’t use any othercurrency.

“Currently, nobody looks for Naira because we’ve made it soeasy for them to transact with other currencies. They can come here with anycurrency and that means effectively, there is no global demand for our Naira.Our money has no value beyond Naira.

“For things to work, we must prevent the use of foreigncurrencies and then people will start to look for the Naira. When they begin tolook for Naira, our currency will appreciate.”

Ned Nwoko’s bill for the prohibition of foreign currency usein Nigeria is currently before the Senate.

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