Isaac Fayose, brother of former Ekiti State Governor Ayodele Fayose, has issued a plea to President Bola Tinubu, advocating for strict measures to curb the plummeting value of the Nigerian naira. In a video shared on his verified Facebook page, Fayose proposed a cap of $1,000 on individual domiciliary accounts, emphasizing the urgency of the situation.
Highlighting the severity of the currency crisis, Fayose emphasized the need for decisive action to stabilize the economy. He called upon President Tinubu to enact policies that would prevent individuals, including former governors like his brother Ayodele Fayose, from holding excessive amounts of foreign currency.
Fayose’s proposal includes the implementation of measures to auction off any surplus dollars exceeding the $1,000 limit in domiciliary accounts. This move, he argued, would help mitigate the adverse effects of hoarding foreign currency on the naira’s exchange rate.
He said, “The President should come to the television addressing Nigerians and order that any private domiciliary account that has more than $1,000 will be seized or auctioned and replaced with naira.
“All individuals including myself, my brother and all the former governors that have dollars stored, auction their dollars and change it to naira.”