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Obanikoro wants CBN to shut down Nigerians foreign currency accounts.

Obanikoro wants CBN to shut down Nigerians foreign currency accounts.

A House of Representatives member, Ibrahim Babajide Obanikoro has suggested to the Central Bank of Nigeria to force closed Nigerians domiciliary accounts bearing foreign currencies to help Naira gain strength.

According to People’s Gazette, Obanikoro, representing the Eti Osa Federal Constituency of Lagos State, suggested this via his official Twitter page on Tuesday.

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On his Twitter page, Obanikoro tweeted “I am not the CBN Governor but at this moment, I’m of the opinion that CBN should mandate that all dorm accounts be closed for the next 12 months. Let’s see the effect on the naira.

“After all, you can’t go to any of the Western world and open a foreign currency account.”

The Naira has continued to depreciate despite questionable policies enforced by Governor Godwin Emefiele of the CBN to mitigate its freefall.

In July, Mr Emefiele halted sales of forex to Bureau De Change (BDCs) operators across the country indefinitely.

This unpopular move resulted in the unavailability of the dollar and spurred the downward spiral of naira’s value.

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The Naira has recorded a week-by-week decline in its value against the dollar, as at the period of this report naira is trading at about N580 to a dollar at the parallel market while the official price trades at N412 to a dollar per a directive by the CBN.

The depreciation in the value of the naira has resulted in hikes in the prices of imported products such as milk, sugar, rice, electronics, cars, and other consumables.

Do you think this will give strength to naira?

Leave your thoughts in the comments box below.