The Group Managing Director of CFL Group, Lai Omotola, has urged President Bola Tinubu to implement an executive order prohibiting cash transactions in dollars to curb the ongoing depreciation of the naira.
Expressing concern over the economic challenges faced by Nigerians despite previous policies, Omotola called on citizens to contribute ideas to the government on improving the economy.
During a media briefing on ‘How to Save the Naira and Build a Robust Economy,’ Omotola suggested, “To safeguard our naira, we propose a presidential executive order banning all cash dollar transactions nationwide.
All dollar transactions should occur exclusively through banks, with a maximum cash limit of $100 for individuals and foreigners, exceeding which will be forfeited to the Federal Government.”
He also recommended a complete ban on street vending of dollars and proposed amnesty for 90 days on dollar cash payments without investigation by security agencies.
Additionally, Omotola suggested making certain states, including Lagos, Kano, Kaduna, Rivers, Enugu, and Abuja, 100% cashless, limiting the maximum cash held to N50,000.
Calling for the revival of the Whistleblower Act, Omotola emphasized rewarding individuals reporting hidden dollars, believing these measures, if implemented, could lead to a 50% appreciation of the naira within 30 days and a more stable exchange rate by the end of the year.
