‘Ban Use of Dollar for Trading’ – Daniel Bwala Advises Tinubu on Bold Approach

Former spokesman of the Atiku-Okowa 2023 Presidential Campaign Council, Daniel Bwala, has suggested a radical approach for President Bola Tinubu to tackle the exchange rate crisis in Nigeria.

Bwala proposed that an Executive Order be issued to ban the use of the dollar for trading both locally and internationally, similar to the steps taken by Egypt.

According to Bwala, this measure would effectively smoke out speculators and hoarders of dollars in Nigeria.

The Naira has been experiencing a significant decline against the US dollar at both the official and parallel foreign exchange markets.

Data from FMDQ revealed that the Naira dropped to N1,574.62 per US dollar on Monday from N1,537.96 on Friday last week, a loss of N36.66 or 2.3 percent.

As the exchange rate crisis worsens, Bwala urged President Tinubu to take bold steps in addressing the issue.

By implementing a 30-day ultimatum, the government would officially ban the use of the dollar for trade both locally and internationally, which could potentially lead to a more stable exchange rate and alleviate the pressure on the Naira.

Daniel Bwala’s proposal to ban the use of the dollar for trading in Nigeria could have significant implications for the country’s economy and the exchange rate crisis.

It remains to be seen if President Tinubu will consider this approach and take the necessary steps to address the issue.