Ned Nwoko, the senator representing Delta North of Delta State, has called on the Southern Nigeria Youth Congress (SNYC) to support his proposed motion and bill before the Red Chamber calling for the immediate prohibition of the use of foreign currencies in Nigeria.
He described the measure as an antidote that would bring a permanent solution to the economic and security challenges facing the country.
He disclosed this on Wednesday in Abuja during the Southern Nigeria National Stakeholders Converge organised by the Southern Nigeria Youth Congress, in conjunction with the Ministry of Youth Development.
The senator who was the guest speaker attributed the economic hardship confronting the country to the use of foreign currencies in Nigeria, just as he called on Nigerians to support the call to strengthen and guide the naira which is a symbol of sovereignty of the country.
He said the country would be on the path of economic growth and recovery if the bill was passed into law and use of foreign currencies is prohibited in Nigeria.
He added that the undue priority placed on the dollar by the people for any transaction in the country had further weakened and devalued the naira beyond remedy.
He also called for the closure of Nigeria’s foreign reserve in another country, saying it is counter productive to the economy development just as he urged the Central Bank of Nigeria (CBN) to take charge of the management of foreign reserves to achieve economic independence.
“Today I am going to talk about two areas that I know are fundamental to the problem we have. The first one has to do with our economy directly. This is the use of foreign currencies in Nigeria. The use of foreign currencies is affecting the students, lecturers, doctors and everybody.
“After our independence, of course we have our political independence but we do not have economic independence. We are tied to European and American countries.
“We have our own currency, the naira. Our naira is a symbol of sovereignty, we are meant to protect it, use it and guide it.
“People don’t understand the reason the exchange rate between naira and other currencies is so high; it is because of bad policies since Nigeria became an independent nation. It has nothing to do with this government or the government of Goodluck Jonathan,” Nwoko said.
On his own part, the Minister of Youth Development, Ayodele Olawande, who was represented by Dotun Omoleye, urged the youths to support Tinubu government despite the economic situation in the country.
He said though the country may not have attained the feat where it is supposed to be, some critical decisions were necessary in the interest of future generations.
“One cannot undermine the importance of gathering like this in our society and it is our pleasure from the Federal Ministry of Youth Development to be here.
“If we look at where we are coming from as a nation and where we are today and look at the projection and future ahead, it is important that every strata of government do whatever they can to support organisation like this Southern Nigeria Youth Congress and it is one of those organisations that has been doing wonderfully well.
“Today Southern Nigeria comprises 17 states while the Northern part comprises 19 states including FCT. We would have loved to see this gathering so far the programme is designed for Southern Youths to be held either in Asaba, Ibadan or Cross River. I want to implore us that the next gathering should be in Southern part so that it can give opportunity to those of us residing in Southern part.”
