Senator Ned Nwoko Advocates Ban on Dollar, Other Foreign Currency Usage to Strengthen Naira, Boost Economy

By: Abdulwasiu Akintunde

Chairman of the Senate Committee on Reparations and Repatriation, Senator Ned Nwoko, PDP, Delta North, has renewed his advocacy for banning foreign currencies like the US Dollar and Pound Sterling in Nigeria's financial system, stressing its detrimental effect on the Naira and the economy. 

As gathered by OPEN TELEVISION NAIJA (OTN) News, the Senator, representing emphasized that widespread use of foreign currencies undermines the Naira’s value, hindering Nigeria’s economic independence even decades after political sovereignty was achieved. 

He linked this economic dependency to social issues like insecurity and crime, arguing that a thriving economy, driven by a stronger local currency, could reduce such vices.

Nwoko highlighted the disparity between Nigeria and countries like the US, UK, and France, which solely use their currencies domestically. 

He called for making the Naira globally tradable, envisioning a future where it could hold value internationally, ensuring Nigerians live more comfortably and confidently in a self-reliant economy.