Ned Nwoko Urges Ban on Luxury Imports, Foreign Currency Use in Nigeria
Senator Ned Nwoko, representing Delta North, has called on Nigeria’s government to ban the importation of luxury goods and prohibit the use of foreign currencies for business transactions within the country.
Nwoko highlighted that in many countries, individuals are required to convert foreign currency to the local currency upon arrival. He noted that while the Central Bank of Nigeria (CBN) Act currently restricts foreign currency use for domestic transactions, he is seeking an amendment to ensure stricter enforcement.
“You cannot pay for anything with dollars in the UK; they use pounds. In the U.S., it’s only dollars. Nigeria should operate in the same way, where transactions are strictly in Naira,” Nwoko explained. “If we make this change, foreigners will need to exchange for Naira, creating a global demand for our currency and, consequently, increasing its value.”
Nwoko added that prohibiting foreign currency transactions would boost the Naira’s standing internationally, eventually encouraging its use beyond Nigeria. “Currently, no one demands the Naira outside our borders, which devalues our currency and humiliates our economy.”
Furthermore, Nwoko advocated for banning all luxury goods that cannot be produced locally, stressing the need to reduce reliance on imports. “If we can’t produce it, we shouldn’t import it. This will encourage domestic production and support local industries,” he argued.
- He emphasized the importance of patronizing local refineries, like Dangote Refinery, and restoring Nigeria’s national refineries. “We’re an oil-producing country, yet we rely on imported refined products—a dependency that must end,” Nwoko stated.
