De-dollarization Of Nigeria Senator Ned Nwoko's Advocates

Senator Ned Nwoko 

Ned Nwoko, a federal lawmaker, has argued that banning dollars is essential to reversing the present economic difficulties and inflation.

In light of Nigeria's over-reliance on foreign exchange, which is harming the naira and preventing its rise in the international market, he proposed to the National Assembly last Friday during a plenary session that the use of dollars for transactions be banned.

Senator Nwoko, a Delta North representative, stated: “We must understand that we have relegated the naira to the background. Everybody is talking about dollars, and the dollar is causing the problem. It might be a difficult thing to contemplate, but what has to be done is that we have to stop the use of dollars in Nigeria.” 

However, the lawmaker's recommendation runs counter to his own behavior, as he frequently gives Regina Daniels' dollar, the well-known actress and sixth wife, for personal expenses.

Days after going public online to flaunt the wads of mint naira notes her husband had given her, Daniels disclosed in January 2023 that she had received a $100,000 credit alert from him.