Peter Obi Calls for Action over what he termed the “dollarization” of Nigeria’s economy. During a candid interview with Arise TV on Monday, Obi lamented the pervasive use of the US dollar in the country’s financial landscape, highlighting its adverse effects on productivity.
Obi argued that the Nigerian Naira should have been devalued to address the issue. He firmly believes that the extensive reliance on the dollar has had a detrimental impact on the nation’s economic output.
“Dollar has become the underground currency of our economy; it shouldn’t be. We have a currency called the Naira,” Obi stated emphatically. He called for the removal of non-productive activities that currently rely on the dollar for transactions.
Peter Obi Calls for Action Furthermore, Obi stressed the need for strict penalties to curb the misuse of the dollar within the country. He asserted that legitimate earnings in dollars should be allowed, but it has unfortunately become a tool for corruption and criminal activities within Nigeria’s systems.
The former governor also presented a solution to the issue, emphasizing the importance of boosting exports as a means to strengthen the Nigerian currency. He believes that by promoting and facilitating exports, the country can reduce its dependency on the dollar and make the Naira a more resilient currency.
Obi’s comments come at a time when the Nigerian economy faces various challenges, including foreign exchange fluctuations and a widening gap between the official exchange rate and the parallel market rate. His advocacy for curbing the dollar’s influence and fostering a stronger focus on exports aligns with his vision for economic reform.
As the 2023 elections approach, Obi’s stance on these critical economic issues is likely to influence the public discourse and the policies put forth by political candidates and parties. The ‘dollarization’ debate is expected to remain a central topic of discussion as Nigeria seeks to stabilize its economy and chart a path towards sustainable growth.
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