Nigerian lawmaker Ibrahim Obanikoro has called on Nigerian authorities to “close all residential accounts for the next 12 months.” He argues that such a move would help reduce the pressure on Naira, which has lost more than 10% in the last two months.
Naira’s continued depreciation
Obnikoro made the call almost two weeks after the Central Bank of Nigeria (CBN) threatened the governor, forcing Abokifox to stop publishing Naira’s black market exchange rate. Yet even after the service was suspended, Naira continued to slide towards value.
This continued devaluation, in turn, is forcing panic-stricken stakeholders, including Obanikoro, to propose more unusual and controversial solutions.
However, its 28 September Tweets, Obanikoro also justified his call that other countries would never allow Nigerians to open Naira accounts. The legislator explained:
I am not the central bank of Nigeria [CBN] Governor but at the moment, I am of the opinion that the CBN should direct that all dorm accounts should be closed for the next 12 months. Let’s see the impact on Nair. After all, you can’t go to any country in the western world and open a forex account. Your opinion.
The legislator’s advice is questionable
As expected, Obanikoro’s controversial call sparked an immediate response from some Twitter users. For example, in her Feedback At the legislator’s suggestion, an account called “Cryptocurrency Thought Leader” brought Bitcoin into the discussion and said: “Satoshi has decided to look at history and create this option for us.” The user concludes with the prediction that Naira will drop to $ 1 for each NGN1000 “will happen faster than I predicted.”
Another user, Orissa, welcomed the legislator’s desire to address the continued devaluation of the local currency but warned against closing the residential account. User Said:
“This idea may work, but you can not only close people’s DOM accounts, but also order them to withdraw all their dollars from the account within a maximum of 6 months. Will the North and Nigeria Elites allow you to change the banking and bureaucracy? [BDC]? ”
Still, other users have asked Obnikoro to focus on what causes Naira to lose its value, and not accounts.
Do you agree with the advice of the Nigerian legislator? Let us know what you think in the comments section below.
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