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Naira Crash: Stop Domestic Transactions In Foreign Currency, Peter Obi Warns CBN

Presidential candidate of Labour Party, Peter Obi has advised the Central Bank of Nigeria to stop domestic transactions in foreign currencies.

The former Anambra governor said this while reacting to the continued collapse of the Nigerian Naira against the US Dollar.

In a post on his official and verified Facebook handle, Obi noted that spiraled downfall of the Naira was worrisome.

He called on Fiscal Managers in the country invent policies that will help prevent the denomination of domestic transactions in hard currencies.

“Distortions in the economy and fiscal policies have triggered instability of the Naira, The plummeting exchange rate is worrisome.

“The Fiscal Managers should come up with a policy line or modality for arresting the value drift and restoring confidence in the National currency.

“Also, denominating domestic transactions and contracts in foreign currency should be stopped forthwith.”

The Naira currently stands at over N700 to a dollar across the parallel market.

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