Ned Nwoko, senator representing Delta north, has advised the federal government and the Central Bank of Nigeria (CBN) against any measures that are capable of `artificially` forcing the naira to gain value against other currencies.
Ned Nwoko, senator representing Delta north, has advised the federal government and the Central Bank of Nigeria against measures capable of “artificially”Nwoko spoke in a statement in Abuja on Saturday, according to NAN.
The politician said the quest for economic freedom and the strength of the nation’s currency is an ongoing journey.Nwoko also said the continuous revisit to previously implemented policies and considerations of new ones is imperative. The businessman said as a nation that exports crude oil and other commodities globally, “it is imperative that all transactions on these items be conducted exclusively in naira”.“This will incentivise buyers to seek out naira, thereby driving its appreciation due to increased demand and scarcity,” Nwoko said.“The practice of maintaining reserves in foreign jurisdictions, termed ‘foreign reserves’, is not only objectionable but also counterproductive to Nigeria’s economic sovereignty.
“Therefore, the notion that foreign reserves are indispensable for trade balance equilibrium falls short upon scrutiny”, he said.
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