Lai Omotola, the Group Managing Director of CFL Group, has called upon President Bola Tinubu to take decisive action by signing an executive order to halt dollar cash transactions, aiming to stem the tide of the naira’s depreciation.
Expressing concern over the continuous decline of the naira despite numerous economic policies implemented by the Federal Government and the Central Bank of Nigeria, Omotola emphasized the need for collective efforts to rescue the economy from its current precarious state.
During a media briefing themed ‘How to Save the Naira and Build a Robust Economy,’ Omotola proposed bold measures to address the currency crisis. He advocated for an executive order banning all cash dollar transactions nationwide, with transactions limited to bank transfers. Additionally, he suggested capping individual cash holdings of dollars at $100, with any excess automatically forfeited to the government.
Furthermore, Omotola recommended a ban on street vending of dollars while offering amnesty to individuals making cash dollar payments for a 90-day period, exempting them from scrutiny by security agencies. He emphasized the need for thorough scrutiny of all dollar transactions conducted through banks.
In a bid to promote cashless transactions, Omotola proposed that states with significant economic activities, such as Lagos, Kano, Kaduna, Rivers, Enugu, and Abuja, transition to a 100% cashless system, with a maximum cash holding limit of N50,000.
Advocating for the revival of the Whistleblower Act, Omotola suggested rewarding individuals who disclose information about hidden dollars to the government, thereby incentivizing transparency and accountability.
Omotola projected that if these recommendations were fully implemented, the naira could appreciate by 50% within 30 days, potentially stabilizing at a more favorable exchange rate by the year’s end.
Despite ongoing efforts by the CBN and the Federal Government to address the naira’s depreciation, with recent market fluctuations showing a slight improvement, Omotola’s recommendations offer a proactive approach to tackling the root causes of the currency crisis.
