Senator Ned Nwoko, representing Delta North Senatorial District, has disclosed how Nigeria’s economy is been secretly influenced by the Western nations where her foreign reserves are domiciled.
Senator Nwoko made this known at the screening of the Central Bank of Nigeria, CBN Governor, Dr Olayemi Cardoso and it’s leadership, Tuesday.
According to him, Nigeria should repatriate these reserves and entrust it’s management to commercial banks in the country.
His words: “Transferring our foreign reserves from foreign countries where they silently influence events in Nigeria, is essential.
“We must shift our approach concerning having our foreign reserves domiciled in Western nations. It is imperative that we repatriate our foreign reserves to Nigeria and entrust their management to our commercial banks. This move will grant us greater control and autonomy over our economic future.”
While lamenting the country’s dependance on the US dollar, Nwoko said that Nigeria must reduce unnecessary Western influence by adopting a common currency in Africa.
He further noted that, “We must also reduce our heavy dependence on the US dollar. The adoption of a common currency within Africa holds the promise of substantial improvements.
“Rather than almost exclusively depending on the US dollar, which has consistently eroded our economic stability and currency value, we can enhance our financial resilience by adopting a common currency in Africa.
“We must redirect our focus inwards to cultivate and strengthen our domestic economy. With abundant resources at our disposal, we possess the potential to make a significant global impact.
“Therefore, raising these vital questions during the CBN leadership screening in the Senate was of utmost importance to me. These issues are deeply pivotal as we strive to reduce unnecessary Western influence and interference in Africa’s affairs.”
