Ibrahim Obanikoro, a member of the house of representatives, has suggested that the Central Bank of Nigeria (CBN) close all domiciliary accounts for the next one year.
The naira has depreciated to N575 against the US dollar at
the parallel market while trading at N411/$1 at the official rate — the
investors and exporters (I&E) window.
In a tweet on Tuesday, Obanikoro, lawmaker representing
Eti-Osa federal constituency of Lagos State, said he was seeking ideas and
opinions that would help “save the naira”.
“I am not the CBN Governor, but at this moment, I’m of the
opinion that CBN should mandate that all dom 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 worlds and open a foreign currency account,” the tweet reads.
I am not the CBN Governor but at this moment, Im 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. Your opinion
— Ibrahim B Obanikoro (@Jidekoro) September 28, 2021
Obanikoro’s tweet was followed by public condemnation and
outcry as many said this would not reverse the slide of the naira.
That's when Meffy will know there are limits to his nonsense. The people that will come for his head with alacrity. Oh, by the way, you lied about not being able to open a foreign currency account in Western countries. 5 mins of Google would have helped you here. https://t.co/MK5OKVPMUe
— Mark Amaza (@amasonic) September 29, 2021
Member of house of representatives making false assertions with such full confidence, and making a recommendation based on it. God help us all. https://t.co/m6dmQNXjOj
— 0xManasseh (@knightofdelta) September 28, 2021
These are ideas we get when we have airheads in power.
— President Papi Chulo (King of Girls) (@oluobededom) September 29, 2021
You are not thinking of increased productivity to enhance balance of trade, not looking at creating enabling environment for FDIs, not looking at increase in exports for balance of trade, na blocking of Domain. O ma shey oo https://t.co/tWrppHBFnl
Below are some reactions to the lawmaker’s tweets:
Reacting to the backlash, the lawmaker said that he was aware that closing domiciliary accounts won’t solve the problem.
He explained that he only meant to spark conversation to get
ideas for a bill he was working on.
“Thank you all for your tweets, I’m fully aware that closing
dorm acts isn’t the solution to the problem. Only solution is to look inwards
and address certain key issues such local production, exportation and reduce
importation, get our refineries working etc,” he wrote.
“My tweet was meant to spark a dialogue and conversation to help formulate a bill I’m working on. Have ideas, reach me on ibocampaign@gmail.com.”
Click to signup for FREE news updates, latest information and hottest gists everydayThank you all for your tweets, I’m fully aware that closing dorm acts isn’t the solution to the problem. Only solution is to look inwards and address certain key issues such local production, exportation and reduce importation, get our refineries working etc (1/2)
— Ibrahim B Obanikoro (@Jidekoro) September 28, 2021
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