To prevent the naira from depreciating further, President Bola Tinubu has been encouraged by the Group Managing Director of CFL Group, Lai Omotola, to issue an executive order outlawing the use of dollars in cash transactions.
Omotola pointed out that the Central Bank of Nigeria and the Federal Government of Nigeria had implemented a number of economic measures, but they had not prevented the local currency from depreciating.
He urged the people to make genuine recommendations to the government on how to rescue the economy for the sake of the nation, expressing concern over the depreciation of the naira and the suffering that Nigerians were experiencing.
During a press conference, the billionaire discussed ‘How to Save the Naira and Build a Robust Economy,’ saying, “It is no longer news that our economy is in a precarious state. Our economy has declined as a result of the combined policies of fuel elimination and naira floating. Both food crisis and the foreign exchange problem exist today.
“As a company that has been operating for the last 25 years, we have experienced every presidential administration.
“We suggest that the President issue an executive order prohibiting all cash dollar transactions throughout the entirety of Nigeria in order to save our naira. Now, all dollar transactions ought to be made between banks.
A foreign national or citizen may only possess $100 in cash at any one time. If this sum is exceeded, the Federal Government will immediately take it.”
In addition, Omotola suggested that dollar street hawking be completely outlawed, amnesty be granted to anyone purchasing with cash for the next ninety days, and no security agency should be allowed to investigate such cash loads.
“Every dollar payment from banks will be scrutinized, in the same way that dollar cash deposits cannot be investigated,” he said.
Omotola said that because economic states have a high amount of commercial activity, the CBN should allow them adopt a cashless system.
“The following states ought to adopt a cashless system entirely. Abuja, Rivers, Enugu, Lagos, Kano, and Kaduna. N50,000 should be the most cash you may carry in these states,” he explained.
Omotola also requested the resuscitation of the Whistleblower Act by the federal government.
“The government should implement the Whistleblower Act so that anybody who may inform the federal government about unreported funds is rewarded and obtains their award without difficulty. Everyone would be alert as a result of this.
“The naira will appreciate by 50% in the following 30 days, or between N700 and N800, if the proposals are properly followed within that time frame. And the real worth of the dollar to naira will become clear by year’s end,” he said
