HURIWA backs Senator Ned Nwoko on ban on use of dollars locally
Accuses President Tinubu’s Government of working for IMF, World Bank
Oru Leonard
Civil Rights Advocacy Group: HUMAN RIGHTS WRITERS ASSOCIATION OF NIGERIA (HURIWA) has said that the only way government can re-assure the citizens that the nation’s sovereignty has not yet been hijacked by Western powers and the Bretton woods Institutions of World Bank and the International Monetary Fund is to stop forthwith the floating of the Naira and importantly to legally enforce a strict ban on the use of US dollars as means of exchange in local transactions in Nigeria.
The Rights group stressed that it fully supports the position adduced by the Senator representing Delta North in the National Assembly Senator Ned Nwoko who has tabled a motion to call for the use of Naira as the only legal tender in Nigeria and to end other policies that unfairly disadvantages the Naira.
The Rights group stated that Nigeria has never had it so bad with biting economic conditions and the costs of living ballooning out of control just as the Nigerian government abandons the Naira to the forces of demand and supply which is untenable given that the country’s only recognizable legal tender currency is the Naira and not the dollars.
HURIWA which had in the last few days called for the sack of the governor of Central Bank of Nigeria Olayemi Cadoso for incompetence and his decision to float the Naira so as to strengthen the exchange rates of foreign denominated legal tenders in USA and Britin such as the US dollars.
HURIWA recalled that even during the government of Olusegun Obasanjo, the late irrepressible Human Rights lawyer and senior Advocate of Nigeria Chief Gani Fawehinmi fought against payment of salaries of some ministers in dollars denominated currency just as HURIWA accused president Tinubu’s government of acting as the undertakers and executioners of the Naira on behalf of the US based and dominated World Bank and the International Monetary Fund. The group expressed shock that the country has an elected administration, yet the economic policies are framed in such a way as to fundamentally devalue the National legal tender of Nigeria which is the Naira and thereby serve the neo-colonial tendencies and practices imposed by the IMF and the World Bank.
HURIWA which applauded Senator Ned Nwoko for his patriotic effort to rescue the fast diminishing Naira, recalled that in his recently publicised motion before the senate titled: “Urgent Call For The Use Of Naira As The Only Legal Currency In Nigeria and To End Other policies That Unfairly Disadvantage the Naira”, the law maker among others affirmed as follows:
“Distressingly, the absence of explicit prohibition on paying salaries in foreign currency in relevant legislation, such as the Central Bank of Nigeria Act and the Foreign Exchange Act, heightens regulatory ambiguity and allows such exploitative practices to persist unchecked. Urgent amendments to these laws are imperative to address this issue effectively and ensure equitable treatment of all workers in Nigeria.
“The significant capital flight resulting from these unequal salary payments far surpasses most factors contributing to Naira depreciation, such as school fees and medical treatments abroad. Ending the practice of paying foreign workers in dollars is not only a matter of economic justice but also a crucial step towards dismantling neocolonial structures and building a more equitable and prosperous Nigeria for all its citizens”.
“The notion of maintaining reserves in foreign lands, dubbed “foreign reserves,” is not only repulsive but also counterintuitive to Nigeria’s economic sovereignty. Contrary to the practices of other nations like the United States, Britain, France, and Japan, which keep their reserves within their own borders, Nigeria’s adherence to this practice raises questions about its colonial legacy. If our early indigenous leaders adopted this approach due to colonial mentality, why should we perpetuate it?”
“The primary argument often put forward to defend the existence of foreign reserves is the need to balance trade. However, this argument lacks merit when considering the limited number of traders involved in importing goods into Nigeria, which constitutes a negligible fraction of the population. Therefore, the notion that foreign reserves are necessary for trade balance falls short when scrutinized.”
“It’s time to prioritize the domestication of our reserves, anchoring our economic stability firmly within our borders.”
“If we don’t get our currency to be needed, valued, known, and quoted, no one is coming to do it for us. Continued acceptance of the dollar as legal tender undermines our economic sovereignty and must be halted. We must stop giving people the confidence to conduct business in Nigeria using foreign currencies. This practice not only undermines our economy but also perpetuates dependency on foreign currencies.”
HURIWA has also disclose that it will be convening a media round table of 100 CSOs in Nigeria with the underlying objective of pushing for an immediate legislative framework to ban the US Dollars from being used in Nigeria for local commercial transactions because this is the root of the haste by the current administration to devalue the Naira to please the Western powers.
Press statement dated on 27th February 2024.
By Comrade Emmanuel Onwubiko;
National Coordinator of HUMAN RIGHTS WRITERS ASSOCIATION OF NIGERIA (HURIWA).
