USE OF FOREIGN CURRENCIES SHOULD BE PROHIBITED, IMPORTATION OF LUXURY GOODS BANNED IN NIGERIA – Ned Nwoko

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Senator Ned Nwoko representing Delta North in the National Assembly has called for a ban on the importation of luxury goods and prohibition of the use of foreign currencies for business transactions in Nigeria.

He said in other countries of the world, only local currencies were allowed for transactions by foreigners, no matter the status of the individuals, and wondered why the reverse was the case in Nigeria. 

He said though the CBN Act prohibited the use of foreign currencies for business transactions, he would want an amendment to the Act and its strict enforcement.

Senator Nwoko said: “You cannot pay for anything with the dollar in the United Kingdom. They use the pounds in the UK. In America, it is the dollar. There is no country that uses multiple currencies. For this to work in Nigeria, it means if anybody is coming to buy anything in the country, the person will use only the naira for transactions.

“So if they are coming from the UK, they will look for the naira so that they can transact business in the country. Currently, nobody looks for the naira because we have made it so cheap for them to transact business in dollars and other currencies. With that, there’s no global demand for the naira. 

“If the bill is passed, it means anybody coming to Nigeria must look for the naira. By this there will be global demand for the naira. And when there’s a global demand for it, there will be a rise in the value of the local currency. 

“Currently, there is no demand for the naira anywhere. If you carry a load of the naira to Heathrow Airport, people will tell you there’s no demand for it. Therefore, for there to be demand for the naira and increase in its value, we must prohibit the use of foreign currencies in Nigeria. By this, people will begin to look for the naira, and the value will appreciate. 

“When the value appreciates with the prohibition law, people will demand for it in the UK and America, and other countries for future business transactions. But now, they don’t have any need for it because when they come to Nigeria they use their dollar to trade.

“You cannot go to Morocco and use any currency other than their local currency. Allowance the use of dollar for business transactions in the country demeans our naira.

“Anybody who wants to buy crude oil should pay in naira. Currently, all foreign workers in Nigeria are paid in foreign currencies on Nigerian soil. This is discriminatory. This is unacceptable. In other countries, you are paid in your currencies, it doesn’t matter the work you do. We must seek to protect our currency”.

Senator Nwoko also called for the prohibition of all luxury goods in Nigeria, saying “anything we cannot produce we should not import. This will force us to produce in Nigeria. Government should ban importation of luxury or refined products into the country. 

“We cannot continue to import and expect something different. We must patronize Dangote Refinery and take steps to repair our national refineries. This is the only country that is oil and gas producing but still imports refined products”.