‘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 world 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. Your opinion

— Ibrahim B Obanikoro (@Jidekoro) September 28, 2021

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

Below are some reactions to the lawmaker’s tweet:

That's when Meffy will know there are limits to his nonsense. The people that will come for his head with alacrity. Oh, by the way, you lied about not being able to open a foreign currency account in Western countries. 5 mins of Google would have helped you here. https://t.co/MK5OKVPMUe

— Mark Amaza (@amasonic) September 29, 2021

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These are ideas we get when we have airheads in power.
You are not thinking of increased productivity to enhance balance of trade, not looking at creating enabling environment for FDIs, not looking at increase in exports for balance of trade, na blocking of Domain. O ma shey oo https://t.co/tWrppHBFnl

— President Papi Chulo𓃵 (@SpicyAboki) September 29, 2021

Member of house of representatives making false assertions with such full confidence, and making a recommendation based on it. God help us all. https://t.co/m6dmQNXjOj

— The Crypto Warrior (@knightofdelta) September 28, 2021

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https://twitter.com/OrishaYoruba/status/1442973332580618245?s=20

Babajide Obanikoro @Jidekoro has never showed any element of brightness. Just look at his take on the fallen Naira. Thinking like a beer palour operator 🤣🤣🤣😂 https://t.co/RSk41U7dL3

— The Nigerian Aristocrat (@NaijaAristocrat) September 29, 2021

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https://twitter.com/Ambrosia_Ijebu/status/1443147565009149952?s=20

Stop lying. In the UK legal residents can open dollar & euro accounts.

Maybe if you refund all those dollars your father allegedly siphoned through, Silva McNamara, the company where you and your brother Gbolahan, are directors, the naira would begin to see some tractions. https://t.co/IGrSDWrOcI

— Nicholas 'The Brave' Ibekwe (@nicholasibekwe) September 29, 2021

Reacting to the backlash, the lawmaker said that he was aware that closing domiciliary accounts won’t solve the problem.

He explained that he only meant to spark conversation to get ideas for a bill he was working on.

“Thank you all for your tweets, I’m fully aware that closing dorm acts isn’t the solution to the problem. Only solution is to look inwards and address certain key issues such local production, exportation and reduce importation, get our refineries working etc,” he wrote.

Thank you all for your tweets, I’m fully aware that closing dorm acts isn’t the solution to the problem. Only solution is to look inwards and address certain key issues such local production, exportation and reduce importation, get our refineries working etc (1/2)

— Ibrahim B Obanikoro (@Jidekoro) September 28, 2021

“My tweet was meant to spark a dialogue and conversation to help formulate a bill I’m working on. Have ideas, reach me on [email protected].”

My tweet was meant to spark a dialogue and conversation to help formulate a bill l’m working on. Have ideas, reach me on [email protected]

— Ibrahim B Obanikoro (@Jidekoro) September 28, 2021