A former spokesman of the Atiku-Okowa 2023 Presidential Campaign Council, Daniel Bwala, has proposed a radical approach President Bola Tinubu can use to flush out speculators hoarding dollars in Nigeria.
Bwala said Tinubu should issue an Executive Order giving 30 days ultimatum to ban the use of dollar for trading both locally and internationally.
He implored Tinubu to take daring steps in tackling the exchange rate crisis. Posting on X, Bwala wrote: “A more radical approach to flushing out the dollar from where ever speculators and hoarders are hiding them is for @officialABA to sign an Executive Order giving 30 days ultimatum within which the Federal Government would officially ban the use of Dollar for trade both locally and internationally, just like Egypt is taking the bold steps in that direction.”
The Naira has plummeted to an all-time low against the US dollar at the official and parallel foreign exchange markets, aggravating the nation’s forex crisis.
Data from FMDQ showed that the Naira plunged to N1,574.62 per US dollar on Monday from N1,537.96 on Friday last week.
This represents a N36.66 or 2.3 per cent loss compared to the N1,537.96 recorded at the close of trading on Friday.
Similarly, at the parallel market, the Naira nosedived to N1,660 per US dollar on Monday from N1,590 on Friday.
