Pay Expatriates in Naira, Completely Ban Dollars – Ned Nwoko advises FG

Confidence UbaniFebruary 23, 20242 Mins read247

Senator Ned Nwoko

Nigerian Senator and entrepreneur, Ned Nwoko, has strongly proposed a ban on the use of dollars. During a Senate plenary session in Abuja on Friday, he cited the detrimental impact of excessive reliance on foreign exchange on the naira.

Speaking passionately, Nwoko emphasized the urgency of refocusing on the Naira, which has been overshadowed by the dominance of the dollar. He called for a complete ban on dollar transactions, urging the National Assembly to make the Naira the sole legal currency in Nigeria.

In a bid to halt the alarming depreciation of the Naira, Nwoko challenged the federal government to cease payments to expatriates in dollars.

He expressed concern about the widening socioeconomic disparities caused by the practice of paying for professional services in dollars instead of the Nigerian currency.

“Continued acceptance of the dollar as legal tender undermines our economic sovereignty and must be halted. We must stop giving people the confidence to conduct business in Nigeria using foreign currencies. This practice not only undermines our economy but also perpetuates dependency on foreign currencies,” the Senator stated.

According to Ned Nwoko, banning the use of dollars will strengthen the Naira.

Highlighting the need for regulatory clarity, Nwoko called for immediate amendments to relevant legislation, such as the Central Bank of Nigeria Act and the Foreign Exchange Act. He stressed that these changes are crucial to ensuring equitable treatment of all workers and eliminating exploitative practices.

In addition, Nwoko urged a reassessment of the Foreign Reserves Policy, arguing that it is counterintuitive to Nigeria’s economic sovereignty. He questioned Nigeria’s adherence to practices different from other nations, suggesting a shift to keep reserves within the country’s borders.

Despite potential opposition from corporations with existing agreements, Nwoko asserted the importance of reviewing such arrangements to implement reforms.

He strongly condemned the persistent wage disparity between expatriates and Nigerian workers, describing it as a historical injustice rooted in colonial legacy.

In his words,

“The glaring income inequality between foreign workers and their Nigerian counterparts within companies operating in Nigeria is a deeply concerning practice that perpetuates historical injustices rooted in the colonial legacy.

“This practice exacerbates existing economic disparities and reinforces the master-servant dynamic that has plagued the region for centuries.

“Historically, income inequality in Africa, including Nigeria, has been entrenched since the colonial era. European settlers exploited the vast resources of the continent while systematically marginalizing and impoverishing indigenous populations.

“This exploitation was not only economic but also deeply ingrained in social and political structures, leading to a stark income gap between Africans and their colonial overlords.

“During colonial rule, Africans were often relegated to low-paying labor roles while Europeans enjoyed privileged positions with significantly higher incomes. Of course, this disparity was not based on merit or skill but rather on race and colonial power dynamics.

“The payment of foreign workers in dollars, while Nigerian colleagues receive wages far below the conversion rate, is a blatant example of this ongoing injustice.”