Former presidential aide, Reno Omokri, has called on President Bola Tinubu to consider banning the importation of hair as part of measures to stabilize the Naira, which recently experienced a significant depreciation in value against the US dollar.
He stated, “The Central Bank had to cough up $200 million to pay for human hair, as if God did not give our women hair. This is hair that Indian, Bangladeshi, and Southeast Asian women cut and dedicate to their temples.
“They then barely process the hair and label them Brazilian, European and Peruvian hair, and our women rush to buy them, wear them, and shake the hair angrily to accuse Tinubu of ruining the economy.
“If I were Tinubu, I would ban the importation of human hair. Fact-check this, as a nation, Nigeria spends more on human hair than on books.“
Omokri made the suggestion while discussing ways to improve the Naira, placing blame on Nigerians for contributing to the country’s economic challenges. The Naira recently hit an all-time low of N1,482.57 per US Dollar, representing a 42% decrease in value within two days.
In his remarks, Omokri argued that the Naira’s performance is reflective of the spending habits of Nigerians. He criticized the preference for foreign airlines over Nigerian carriers on international routes, citing a recent payment of one billion dollars by the Central Bank of Nigeria to foreign airlines.
Highlighting the impact of such spending on the Naira, Omokri proposed that if Nigerians chose to fly Nigerian carriers like Air Peace instead of foreign airlines, the funds would circulate within the country, contributing to a stronger Naira.
“Do you know that if you and I, as Nigerians, had flown Air Peace instead of foreign airlines, that $1 billion would have stayed and circulated in Nigeria?
Furthermore, he pointed out the Central Bank’s expenditure of $200 million on the importation of human hair, expressing disapproval of Nigerians’ inclination towards purchasing foreign hair products. Omokri suggested that banning the importation of human hair could be a viable solution, emphasizing that the money spent on such imports could be redirected towards supporting the local economy.
He concluded by stating, “Containers on the high seas coming to Nigeria with things we can produce in Nigeria are killing the Naira.”