Senator Ned Nwoko, who serves as the Chairman of the Senate Committee on Reparations and Repatriation, has reiterated his call for a ban on the use of foreign currencies like the US Dollar in Nigeria.
According to Vanguard, he attributed the widespread use of foreign currencies to the persistent decline in the value of the Naira and Nigeria’s economic challenges.
Nwoko emphasized that the dominance of currencies such as the Dollar and Pound Sterling within Nigeria hampers the country’s financial stability and growth.
He argued that their usage perpetuates an economic dependency on the West, which continues to undermine Nigeria’s ability to build a robust and self-reliant economy.
The senator explained that the Naira’s depreciation is partly fueled by the ease with which foreign currencies circulate in the country.
According to him, banning the use of these currencies in domestic transactions would reduce their influence on the local economy, allowing the Naira to regain value and strengthening Nigeria’s financial system.
Nwoko also linked this economic dependency to the country’s colonial past. He pointed out that, although Nigeria gained political independence in 1960, the economic structures established during colonial rule remain intact, making the country reliant on Western currencies and systems.
He described this reliance as a continuation of colonial domination that has stifled Nigeria’s efforts to achieve genuine economic independence.
In his view, addressing this issue would require decisive measures, including promoting the exclusive use of the Naira for all transactions within Nigeria.
Such a policy, he believes, would force a shift toward prioritizing local economic solutions and reducing reliance on foreign influences.
This approach, he argued, could lead to significant economic growth and greater national self-sufficiency.
Senator Nwoko said, “I keep talking about it because I’ve seen it work around the world. If you go to the United Kingdom, United States of America, or France, the only currency they use in those countries is their local currency. The dollar is a global currency.
“From the time we gained our independence, or they gave us freedom as it were, our people did not understand that we got political independence but not economic independence.
“Economically, we are totally dependent on the West, and that’s our problem. How do we depend on them? They made us use their currencies, but we have never been able to convince any of them to use our own currency.
“For our economy to improve and for you guys to live well and comfortably, so that even when they pay you N200,000 or whatever they pay you, you can live on it, the Naira must become a global currency.”