‘Let’s see effect on the naira’ — Rep calls for closure of Nigerians’ dom accounts

Ibrahim Obanikoro, a member of the House of Representatives, has suggested that the Central Bank of Nigeria (CBN) close all domiciliary accounts for the next one year.

The Naira has depreciated to N575 against the US dollar at the parallel market while trading at N411/$1 at the official rate — the investors and exporters (I&E) FX window.

In a tweet on Tuesday, Obanikoro, lawmaker representing Eti-Osa federal constituency of Lagos State, said he was seeking ideas and opinions that would help “save the naira”.

“I am not the CBN Governor, but at this moment, I’m of the opinion that CBN should mandate that all dom accounts be closed for the next 12 months. Let’s see the effect on the Naira. After all, you can’t go to any of the Western worlds and open a foreign currency account,” the tweet reads.

I am not the CBN Governor but at this moment, Im of the opinion that CBN should mandate that all dorm accounts be closed for the next 12 months. Let’s see the effect on the Naira. After all you can’t go to any of the Western world and open a foreign currency account.

Obanikoro’s tweet was followed by public condemnation and outcry as many said this would not reverse the slide of the naira.