metro
Multiple currencies will frustrate Tinubu’s economic policies — Ned Nwoko
Multiple currencies will frustrate Tinubu’s economic policies — Ned Nwoko
Senator Ned Nwoko, representing Delta North, has expressed his belief that the economic reforms planned for Nigeria may encounter significant obstacles due to the coexistence of multiple currencies, which dilutes the value of the naira.
During a discussion on Channels Television’s “Politics Today,” Ned Nwoko highlighted the challenges facing the Nigerian economy, noting that the pervasive use of foreign currencies undermines the strength of Naira.
He remarked on Nigeria’s distinctive situation, where foreign currencies such as the dollar, pound, and euro are permitted to circulate alongside the national currency, resulting in a diminished global demand for the naira.
He contrasted Nigeria’s approach with that of other nations, citing the UK and the US, where foreign currencies must be exchanged at authorized locations and salaries are exclusively disbursed in the local currency.
Ned Nwoko suggested that for Nigeria’s economic stability to improve, transactions involving foreign entities should necessitate the use of the naira, thereby compelling foreign buyers to acquire the local currency.
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In his words:
“Our economy as it is, is in tatters. It is in some kind of quagmire. It doesn’t matter how you look at it or policies you’re trying to introduce here and there, nothing will work.
“Nothing will work as long as we keep tying the exchange rate to our consumption. When we became an independent nation we had naira and our currency was quite strong.
“Then suddenly, we began to have other currencies, dollar, particularly, and pounds and now Euro. There’s no country that I know in the world that has the use of multiple currencies.
“If you go to Britain with the dollar, you must change it at the BDC. You cannot pay for anything with the dollars in the UK. Everybody is paid their salaries in pounds in the UK. The same thing when you go to America. Everybody uses dollars.
“So, for things to work, assuming that we agree to phase out the use of foreign currency in Nigeria, what it means is that if you want to buy oil, gas or gold in Nigeria, it would require you to use only the naira.
“So, if they’re coming from the UK for example, they’d look for Naira so that they can transact because they know they can’t use any other currency.
“Currently, nobody looks for Naira because we’ve made it so easy for them to transact with other currencies. They can come here with any currency and that means effectively, there is no global demand for our Naira. Our money has no value beyond Naira.
“For things to work, we must prevent the use of foreign currencies and then people will start to look for the Naira. When they begin to look for Naira, our currency will appreciate”.
Multiple currencies will frustrate Tinubu’s economic policies — Ned Nwoko
metro
200,000 repentant terrorists surrender, drop arms in North East – CDS
200,000 repentant terrorists surrender, drop arms in North East – CDS
The Chief of Defence Staff, General Christopher Musa, has disclosed that about 200,000 repentant terrorists have so far dropped their arms and surrendered to troops in the North East, noting that the twin strategy of kinetic and non-kinetic operations was responsible for this achievement.
The CDS made this known at the Security and Justice Symposium organised by the Office of the National Security Adviser (ONSA) in collaboration with the British High Commission, which began at the National Counterterrorism Centre in Abuja on Tuesday.
He disclosed that the theme of the symposium, ”Securing Peace, Ensuring Justice, Protection, Conduct, and Accountability,” speaks volumes about the deluge of security challenges the armed forces and security agencies are facing.
His words, “All the challenges we are facing today have to do with fairness, equity, justice, and accountability.
“There will not be peace without justice, equity, fairness, and accountability. In our operations, we are conducting both kinetic and non-kinetic strategies, which have to a large extent yielded significant successes, and we want to particularly thank the National Security Adviser for his great support in this regard.
“Nigeria is going through so many challenges, and we feel we’re able to address this, and everybody has a sense of belonging. A lot of the security challenges we are having, we are sure, will go down. I want to thank the National Security Advisor for all the support he’s given us, both the kinetic and the non-kinetic.
“We have said it; the kinetic aspect is just less than 30%. The non-kinetic has a lot to play. The non-kinetic, because when you have democracy, people must have the evidence of democracy. As long as it tells people to sleep well and be peaceful, and they are hungry, their children cannot eat, and all this creates more problems.
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“The issue of informants. We have to look at how we tackle this issue of informants. Because these are the people who have created the issue.
200,000 repentant terrorists surrender, drop arms in North East – CDS
metro
Robbers kill two members in shoot-out with Delta police
Robbers kill two members in shoot-out with Delta police
The spokesperson for the police in Delta State, SP Bright Edafe, has confirmed the death of two robbery suspects in the state.
Mr Edafe, who disclosed this to journalists on Tuesday in Warri, said that the deceased were killed from the bullets shot by their gang members.
According to him, the incident occurred on Wednesday at Effurun, Uvwie Local Government Area of the state.
Mr Edafe explained that the deceased were leading the police surveillance team attached to the Ekpan Division to their hideout when they were caught during a shoot-out.
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“The suspects were arrested at Effurun roundabout with a bag containing 57 live cartridges and other items. They were leading the surveillance team to their hideout at Warri/Sapele road when their gang members, on sighting the vehicle of the police team, engaged them in a shootout.During the gun duel, the arrested suspects that were leading the police team were fatally wounded by the gun shot of their colleagues. The two injured suspects were taken to the hospital and later died while receiving treatment,” he said.
Mr Edafe said that items recovered from the hoodlums hideout included: one English pump action gun, one locally made cut-to-size gun and eight live cartridges.
Others were: six iPhones, Smart phones and a Rolex wrist watch.
He said that the command had intensified manhunt on the fleeing members of the gang.
Robbers kill two members in shoot-out with Delta police
(NAN)
metro
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