Peter Obi, the presidential candidate of the Labour Party, has called on the government and Nigerians to stop using foreign currencies like US dollars for local transactions.
Obi’s advice is coming following the continued free fall of the Nigerian currency. The naira, which traded for N670 against the dollar on Monday, 25 July, nosedived to a record low of N720 per dollar as of Wednesday, 27 July.
Decrying the massive depreciation of the naira, the former Anambra governor who is also an economist, in a tweet on Friday, stated that the fall of the naira is due to economic hardship and fiscal pressures.
He added that to restore the confidence of Nigerians in the national currency, the Governor of the Central Bank of Nigeria should enact and implement a policy to prohibit the use of foreign currency for local transactions.
“Distortions in the economy and fiscal policies have triggered instability of the Naira, The plummeting exchange rate is worrisome,” he tweeted.
“The Fiscal Managers should come up with a policy line or modality for arresting the value drift and restoring confidence in the National currency.
“Also, denominating domestic transactions and contracts in foreign currency should be stopped forthwith.”
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