Yakubu Dogara, the Former Speaker of the House of Representatives, emphasized the need for the Federal Government to track down foreign currency kept in private vaults to help stabilize the weakening naira.
The former Speaker stated this during his speech on Wednesday at The Platform Nigeria, an event organized by the Lagos-based church, Covenant Nation, to observe the 2024 Democracy Day.
The lawmaker expressed concern that Nigerians’ strong desire for dollars has been a major factor in the continuous devaluation of the naira, as both illicit and legitimate transactions are predominantly conducted in USD.
He stated that the US dollar has become the preferred currency for Nigerians, and unless we reduce our demand for it, significant value cannot be achieved.
He restated “I believe that the current value of the naira is significantly underestimated. The most industrious nations are not always the ones with the most robust currencies. China serves as a prime example.”
Dogara emphasized that Nigerians no longer trust the naira as a reliable store of value and urged the government to act swiftly to regain that trust.
He remarked, “The USD is here to stay. The government’s task is to find ways to access and retain the USD held in private vaults within Nigeria to support the naira. This, in my opinion, is the practical solution.”
He suggested that security agencies should investigate and uncover politicians and influential individuals who are stockpiling dollars in private vaults.
Dogara mentioned, “The government, with the aid of reliable intelligence from security agencies, should be aware of individuals in Nigeria who have exploited the system and are holding idle USD in their private vaults.”
He suggested, “To accomplish this, the government should insist that all Nigerian exports, including crude oil exports, be paid for in naira, mirroring the practice of not paying for imports into Nigeria from any country in naira. This is a reasonable request.”