House member advises CBN to close all Domiciliary accounts
Jide Obanikoro, a member of the House of Representatives, took to Twitter to express his thoughts on how to stop the Nigerian naira from depreciating against foreign currencies.
The present exchange rate is depressing, as the Nigerian naira is on a free fall against all the major currencies, with predictions that it may fall below N1000 per USD by the end of the year.
In response, Obanikoro suggested that the Central Bank of Nigeria demand that all domiciliary accounts be closed for a period of 12 months in order to assess the impact on the Naira.
He further stated foreign currency account cannot be operated in any Western country.
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