Federal Lawmaker Advise CBN On Naira Collapse

A House of Representatives member, Ibrahim Babajide Obanikoro, has suggested the Central Bank of Nigeria forcibly shut down domiciliary accounts bearing foreign currencies to regulate the continuous fall of the naira.

Mr Obanikoro, currently serving the Eti-Osa Federal Constituency of Lagos State, made this suggestion on Tuesday on Twitter.

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

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 (1/2)

— Ibrahim B Obanikoro (@Jidekoro) September 28, 2021

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

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