The Group Managing Director of CFL Group, Lai Omotola, has urged President Bola Tinubu to sign an executive order prohibiting dollar cash transactions to save the naira from further depreciation.
Omotola noted that several economic policies introduced by the Federal Government and the Central Bank of Nigeria had not saved the local currency from losing its value.
Concerned about the free fall of the naira and the hardship Nigerians were grappling with, he called on the masses to offer sincere contributions to the government on how to save the economy for the betterment of the country.
Speaking on the topic ‘How to Save the Naira and Build a Robust Economy’ during a media briefing, the businessman said: “It is no longer news that our economy is in a precarious state. The dual policy of fuel removal and floating of the naira have resulted in the depreciation of our economy. Today, there is a foreign exchange crisis and a food crisis.
“As a business concern that has been in existence for the past 25 years, we have lived 100 per cent of all different administrations.
“To save our naira, we propose that the President signs an executive order banning all cash dollar transactions across the length and breadth of Nigeria. All dollar transactions should now be bank-to-bank. The maximum cash any citizen and foreigner can hold is 100 dollars. Any amount exceeding this will be automatically forfeited to the Federal Government.”
Omotola also recommended a total ban on street vending of dollars, adding that amnesty should be given to everyone paying dollar cash for the next 90 days and such cash lodgment should not be probed by any security agency.
“In as much dollar cash deposits cannot be probed, every dollar payment from banks will be scrutinised,” he said.
Omotola suggested that CBN should allow states with economic activities to go cashless because of the volume of business activities in such states.
“The following states should go 100 per cent cashless. Lagos, Kano, Kaduna, Rivers, Enugu and Abuja. The maximum amount of cash you can hold in these states should be N50,000,” he reasoned.
Omotola also asked the Federal Government to revive the Whistleblower Act.
“The Government should activate the Whistleblower Act such that reward is made to anybody that can tell the Federal Government about hidden dollars and such person receives his reward seamlessly. This would put everybody on his toes.
“If the recommendations are fully implemented, within the next 30 days, the naira will appreciate by 50 per cent, that is, between N700 and N800 in 30 days. And by the end of the year, the true value of the dollar to naira will emerge,” he said.
The PUNCH reports that the CBN, in collaboration with the Federal Government, has been making various efforts to address the depreciation of the naira.
As of Sunday, a dollar was sold at around N1,500 at the parallel market, about N300 reduction from N1,800 at the close of business on Friday.
