Senator Ned Nwoko has cautioned the Federal Government and the Central Bank of Nigeria (CBN) against implementing measures that artificially manipulate the value of the Naira against other currencies. In a statement released in Abuja and made available to the News Agency of Nigeria (NAN), Nwoko, who represents Delta North, emphasized the importance of addressing the fundamental issues responsible for the Naira’s depreciation rather than resorting to short-term fixes.
Highlighting the ongoing journey toward economic freedom and currency strength, Nwoko stressed the significance of continually reassessing policies and considering new approaches to stimulate Naira demand. He underscored the importance of conducting transactions for exported commodities exclusively in Naira, which would drive up demand and scarcity, consequently leading to appreciation.
Nwoko also criticized Nigeria’s practice of maintaining foreign reserves in foreign jurisdictions, arguing that it undermines the country’s economic sovereignty. He questioned the rationale behind this approach, especially considering Nigeria’s status as an exporter of crude oil and other commodities.
The lawmaker, who is also a Solicitor at the Supreme Court of England and Wales, urged a reevaluation of recent measures taken by the CBN, noting that while there has been some appreciation in the Naira’s value, the root causes of its devaluation remain unaddressed. He emphasized the need for Nigeria to prioritize local production of essential goods to reduce dependency on imports and stabilize the currency.