Isaac Fayose, the brother of former Ekiti governor Ayodele Fayose, has suggested a bold approach to address the free fall of the naira against the dollar.
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In a viral video shared on social media, Fayose urged President Bola Tinubu to take stringent measures by seizing domiciliary accounts holding amounts above $1,000.
In his statement, Fayose emphasized the need for drastic action, suggesting that President Tinubu should make a public announcement instructing the confiscation or auctioning of any domiciliary account with a balance exceeding $1,000.
He encouraged the president to start with his own domiciliary account and extend the measure to include those of governors and former governors.
Fayose questioned the logic of holding dollars in a naira-based economy and advocated for a comprehensive approach, including auctioning his own funds, his brother’s, and those of former governors. He stressed the importance of converting stored dollars into their naira equivalent to boost the local currency.
“President Tinubu, you have to be wicked. Don’t laugh.
““If you want dollar to come down just come on TV and tell all of who have domiciliary account that if you see more than 1,000 in private account you will seize or auction it and replace with naira.
“How will the economy be good when you are storing dollar in a naira economy? Even me, auction my money, my brother’s and all former governors’. Anybody that has dollar, auction it. Change it and give them naira equivalent.”
Addressing the economic implications, Fayose urged individuals to refrain from hoarding foreign currencies in a domestic setting. He recommended that those seeking to save dollars should do so in the respective countries where those currencies are used.
“Don’t store dollar here. If you want to save dollar go to America. If you want to save pounds, go to London. If you want to save euro , go to Europe,” he said.
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