Sustained advocacy by Senator representing Delta North senatorial district, Senator Ned Nwoko has in far measure helped to trigger the rise of ailing naira, pundits have observed.
In the beginning of the year, Senator Ned Nwoko on the floor of the Nigerian Senate had articulated the need to reduce the country’s dependence on foreign currencies, particularly the United States dollar, in favor of strengthening the domestic currency, the naira.
His advocacy underscores the urgent need of de-dollarization as a crucial step towards achieving economic stability and sustainable growth.
Recall that not long after Nwoko’s proposition, the Economic and Financial Crimes Commission (EFCC) raised a special task force in all its zonal commands across the country for the enforcement of extant laws against dollarisation of the economy.
The Task Force, inaugurated by the executive chairman of the commission, Ola Olukoyede, was raised to protect the economy from abuses, leakages and distortions, exposing it to instability and disruption.
EFCC spokesperson, Dele Oyewale, had said in a statement that already, the commission has made some arrests of perpetrators of issuance of invoices in dollars in Lagos and Port Harcourt, Rivers State.
Also, proprietors of private Universities and other institutions of higher learning charging fees in dollar have been invited by the commission.
He said the anti-graft commission was committed to the enforcement of all laws in place for the reflation and stimulation of the national economy.
One of the experts, Frank Oshanugor, hinted that he believes that Senator Ned Nwoko’s advocacy for de-dollarization of Nigeria’s economy may have contributed to the gaining of weight by the naira recently, arguably because the demand for dollar would reduce in terms of using it to make local payments.
“I must commend Senator Nwoko for the advocacy and also the Central Bank of Nigeria which is trying to take a firm stand against dollarization of our economy. I will even suggest that the National Assembly gives a stronger legislation against making local payments in Nigeria in any foreign currency other than the Naira.
“American hotels and other businesses over there would never accept our naira for payment over there. Then why should we allow hotels and other businesses in here to charge their rates in dollars. It must stop because doing do so, is a sort of neo-colonialism in disguise.” He said.
Another, a senior journalist, Chukwukasi Oji said: “I think his recent write-up and that of others are what is pushing the government to make positive decisions that are strengthening the Naira. He did a brilliant work on the advocacy on using the Naira as the only money for business transactions.
“I hope the government will follow Senator Ned Nwoko’s advocacy to the latter. We need law makers like him. I think immediately after his postulations, the government bought his ideas and started implementing them which is working favourably for the value of the Naira.
“I think our law makers should emulate the attitude of Nwoko towards recommending to the government the solution of our economic challenges. I read the Senator’s advice and I was happy with him and I am much happier that the government is working on his advice.”