Forex Crisis Escalates: Daniel Bwala Recommends Prohibiting Dollar Usage In Trading, Appeals To Tinubu

Forex Crisis Escalates: Daniel Bwala Recommends Prohibiting Dollar Usage In Trading, Appeals To Tinubu....KINDLY READ THE FULL STORY HERE▶

Former campaign spokesperson for the Atiku/Okowa 2023 presidential campaign organization, Daniel Bwala, has urged President Bola Tinubu to implement a ban on the use of the dollar for trading both domestically and internationally, in a bid to address the issue of speculators hoarding dollars in the country………..CONTINUE READING

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In a tweet posted on his official handle, Bwala proposed a radical approach to tackle the problem, suggesting that such a ban would help expose and deter those who are stockpiling dollars within the country. He further recommended that President Tinubu should consider issuing an Executive Order, similar to the one enacted by the Egyptian government, which would provide a 30-day ultimatum for the ban to take effect.

Highlighting the urgency of the situation, Bwala emphasized the need for decisive action to combat the ongoing exchange rate crisis, which has led to a significant depreciation of the naira against the US dollar in both official and parallel foreign exchange markets. This decline in the value of the national currency has exacerbated the nation’s forex crisis, necessitating swift measures to address the root causes of the problem.

Bwala stated, “A more radical approach to smoking out the dollar from wherever speculators and hoarders are hiding them is for @officialABA to sign an Executive Order giving a 30-day 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 proposal put forth by Bwala underscores the growing concerns regarding the stability of Nigeria’s currency and the need for proactive measures to safeguard its value and ensure financial stability.

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