Dele Alake, Nigeria’s Minister of Solid Minerals Development, has called for the closure of schools charging tuition fees in foreign currencies, citing it as a major economic loophole undermining the naira’s value. He argues that this practice drives up demand for foreign exchange, weakening the local currency. Alake plans to propose this to the Federal Executive Council, emphasizing the need to protect Nigeria’s economy from internal sabotage and promote the naira as the sole acceptable currency for domestic transactions.
