{"id":12689,"date":"2021-09-30T10:54:05","date_gmt":"2021-09-30T10:54:05","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/nigerian-lawmaker-proposes-closure-of-all-domiciliary-accounts-in-order-to-save-imperiled-naira\/"},"modified":"2021-09-30T10:54:05","modified_gmt":"2021-09-30T10:54:05","slug":"nigerian-lawmaker-proposes-closure-of-all-domiciliary-accounts-in-order-to-save-imperiled-naira","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/nigerian-lawmaker-proposes-closure-of-all-domiciliary-accounts-in-order-to-save-imperiled-naira\/","title":{"rendered":"Nigerian Lawmaker Proposes Closure of All Domiciliary Accounts in Order to Save Imperiled Naira"},"content":{"rendered":"

Nigerian lawmaker Ibrahim Obanikoro has called on Nigerian authorities to \u201cclose all domiciliary accounts for the next 12 months.\u201d Such a move, he argues, will help to ease pressure on the naira, which has depreciated by more than 10% in the past two months.<\/strong><\/p>\n

The Naira\u2019s Continuing Depreciation<\/h2>\n

The call by Obanikoro comes nearly two weeks after threats from the Central Bank of Nigeria (CBN) governor forced<\/a> Abokifx to stop publishing the naira\u2019s black market exchange rates. Yet even after the suspension of the service, the naira continues to slide in value.<\/p>\n

This continuing depreciation, in turn, is forcing panicking stakeholders including Obanikoro to propose even more unconventional and controversial solutions.<\/p>\n

However, in his September 28 tweet<\/a>, Obanikoro also justified his call by suggesting that other countries would never allow Nigerians to open a naira account. The lawmaker explained:<\/p>\n

I am not the Central Bank of Nigeria [CBN] Governor but at this moment, I\u2019m of the opinion that CBN should mandate that all dorm accounts be closed for the next 12 months. Let\u2019s see the effect on the naira. After all, you can\u2019t go to any of the Western world and open a foreign currency account. Your opinion.<\/p>\n

Lawmaker\u2019s Suggestion Questioned<\/h2>\n

As expected, Obanikoro\u2019s controversial call sparked an immediate reaction from some Twitter users. For instance, in his response<\/a> to the lawmaker\u2019s suggestion, an account called \u201cCryptocurrency Thought Leader\u201d brings bitcoin into the discussion and says: \u201cSatoshi looked through history and decided to create this alternative for us.\u201d The user ends his reply by predicting that the naira\u2019s drop to $1 for every NGN1000 will \u201chappen faster than I predicted.\u201d<\/p>\n<\/p>\n

Another user, Orisha welcomes the lawmaker\u2019s willingness to solve the local currency\u2019s continuing depreciation but warns against closing domiciliary accounts. The user said<\/a>:<\/p>\n

\u201cThis idea can work, but you can\u2019t just close people dom account, but only mandate them to withdraw all their $ from the account within let\u2019s say 4month max. Will the North and Naija Elites allow you to destroy banks & bureaux de change [BDC]?\u201d<\/p>\n

Still, other users have asked Obanikoro to focus his attention on factors that caused the naira to lose its value, and not the accounts.<\/p>\n

Do you agree with the Nigerian lawmaker\u2019s suggestion? Tell us what you think in the comments section below. <\/strong><\/em><\/p>\n

Bitcoin News
\nEconomics, Abokifx, Bitcoin, Bureau De Change, Central Bank of Nigeria, domiciliary accounts, foreign currency, naira depreciation, naira exchange rate<\/p>\n","protected":false},"excerpt":{"rendered":"

Nigerian lawmaker Ibrahim Obanikoro has called on Nigerian authorities to \u201cclose all domiciliary accounts for the next 12 months.\u201d Such a move, he argues, will help to ease pressure on the naira, which has depreciated by more than 10% in the past two months. The Naira\u2019s Continuing Depreciation The call by Obanikoro comes nearly two…<\/p>\n","protected":false},"author":0,"featured_media":12690,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-12689","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/12689"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=12689"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/12689\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/12690"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=12689"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=12689"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=12689"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}