Ned Nwoko: “No Policy Will Work Until We Phase Out Foreign Currency in Nigeria

Ned Nwoko, the senator representing Delta North, has emphasized that Nigeria’s economic policies will continue to struggle unless the country eliminates the use of foreign currencies within its borders. Speaking on Channels Television’s Politics Today, Nwoko described Nigeria’s economy as “in tatters,” attributing this in part to the widespread use of foreign currencies like the dollar, pound, and euro alongside the naira.

“Nigeria is unique in allowing multiple currencies to circulate,” Nwoko said. “When you go to the UK or the US, all transactions are done strictly in the local currency. You can’t spend dollars in the UK; they must be converted to pounds, and the same goes for America and the dollar,” he explained, underscoring that such a setup bolsters the value of a country’s currency.

The senator argued that requiring foreign businesses and tourists to transact exclusively in naira would create global demand for the currency, which would subsequently strengthen it. He believes that if Nigeria phases out foreign currency usage, transactions for resources like oil, gas, and gold would drive demand for the naira, which would, in turn, raise its value.

Nwoko’s proposed bill, which seeks to prohibit foreign currency use in Nigeria, is currently under review in the Senate. He urges a national policy shift, insisting that foreign currency alternatives undercut the naira’s potential on both domestic and international fronts.