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What Will Happen If The FG Decides To Convert All The US Dollars In Domiciliary Accounts To Naira?

3 months ago   MARKET NEWS   Lagos   529 views Reference: 272

Location: Lagos


If the government converts all US dollars in Nigerian domiciliary accounts to naira, it will make it harder for people to use dollars in Nigeria. This could lead to a decrease in imports and investment, and could make it more difficult for businesses to operate.


A renowned economist in Nigeria, Adeola Adenikinju, has warned that this would be a bad idea, as it would "hamper the free flow of dollars."


In simple terms, if the government converts all US dollars in domiciliary accounts to naira, it would be like taking away people's ability to use dollars. This would make it more difficult for people to buy imported goods and services, and could make it more difficult for businesses to operate. This could hurt the Nigerian economy in the long run.