Naira Vs Dollars.... Senator Ned Nwoko Proffers Pragmatic Way Forward

*Call to Use Naira as the Only Legal Currency in Nigeria

Senator Ned Nwoko, representing Delta North in the Federal Republic of Nigeria is not a very happy man right now in view of the pathetic state of Nigeria's local currency against the US Dollars and is Urgently calling for the use of the Naira as the only legal currency in Nigeria and to end other policies that unfairly disadvantage the Naira. He emphasized the need to ban dollar transactions in Nigeria and make the use of Naira compulsory for everyone in the country as the only legal tender. 

In a position paper made available to World Industry Leaders Magazine international, Nwoko stressed that the Naira has been relegated to the background while the dollar is visible on the surface, leading to the depreciation of Nigeria's currency. He highlighted the importance of ending other policies that put the Naira at a disadvantaged position 

Nwoko's call comes in the context of the ongoing forex crisis in Nigeria, where he has expressed concerns about the fundamental problem of using dual currency in the country. He believes that Nigeria cannot survive with the use of dual currencies and has urged for the complete ban of the dollar in the country to strengthen the Nairs

*About Senator Ned Nwoko*

Prince Chinedu Munir Nwoko, popularly known as Ned Nwoko, is a Nigerian lawyer, philanthropist, and politician. He previously served as a member of the House of Representatives between 1999 and 2003, representing Aniocha/Oshimili Federal Constituency, Delta State. Nwoko has been actively involved in advocating for various issues, including his recent call to use the Naira as the only legal currency in Nigeria 

*Background on the Nigerian Naira*

The Nigerian Naira (NGN) is the official currency of the Federal Republic of Nigeria, with 1 U.S. dollar equal to around 380 NGN as of December 2020. The Central Bank of Nigeria manages and distributes the Nigerian Naira and attempts to maintain price stability with it. The Naira has been continually devalued since its inception in 1973, and inflation remains above 10% as of 2019 

*Current Currency Policies and Challenges*

The Central Bank of Nigeria has been involved in various policies and initiatives related to the Naira, including a proposed re-denomination to make the Naira fully convertible against foreign currencies and the introduction of a new Naira policy to address currency-related challenges. However, the Naira's value and stability continue to be a subject of concern, with debates about the impact of currency redesign policies on Nigeria's general election and the challenges associated with currency substitution and perceptions of the domestic currency's strength

In summary, Senator Ned Nwoko's call for the use of Naira as the only legal currency in Nigeria reflects his concerns about the depreciation of the Naira and the challenges associated with the use of dual currencies in the country. This issue is part of a broader context of ongoing currency policies and challenges in Nigeria.

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