Lai Omotola, the Group Managing Director of CFL Group, has called on President Bola Tinubu to enact an executive order prohibiting cash dollar transactions in a bid to stabilize the naira and prevent further depreciation.
Omotola expressed concern about the ongoing economic challenges and urged Nigerians to contribute sincere suggestions to address the economic downturn.
During a media briefing on 'How
to Save the Naira and Build a Robust Economy,' Omotola proposed that all cash
dollar transactions be conducted exclusively through banks, limiting
individuals' and foreigners' cash holdings to a maximum of $100. Any amount exceeding
this limit would be automatically forfeited to the Federal Government.
He recommended a total ban on
street vending of dollars and proposed amnesty for anyone making dollar cash
payments in the next 90 days, exempting them from probes by security agencies.
Omotola also suggested the
implementation of a cashless policy in states with significant economic
activities, including Lagos, Kano, Kaduna, Rivers, Enugu, and Abuja, where the
maximum cash holding would be limited to N50,000.
Additionally, he called for the
revival of the Whistleblower Act, offering rewards to individuals reporting
hidden dollars, emphasizing the need to activate the Act seamlessly.
Omotola projected that if these
recommendations were fully implemented, the naira could appreciate by 50%
within the next 30 days, reaching between N700 and N800. He anticipated that,
by the end of the year, the true value of the dollar to naira would emerge.
Heraldviews reports that the
Central Bank of Nigeria, in collaboration with the Federal Government, has been
actively working to address the depreciation of the naira. As of Sunday, the
parallel market saw a reduction in the dollar exchange rate to around N1,500,
marking a N300 decrease from the previous close of N1,800 on Friday.
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