In a candid interview with Arise TV on Monday, Peter Obi, the presidential candidate of the Labour Party (LP) in the 2023 general elections, expressed deep concern over the ‘dollarisation’ of the Nigerian economy, asserting that the Naira should undergo devaluation.
Obi highlighted the prevalent use of the dollar in the country, lamenting its impact on productivity. He argued, “Dollar has become the underground currency of our economy; it shouldn’t be. We have a currency called the naira.” The politician emphasized that non-productive activities reliant on the dollar should be curtailed to strengthen the national currency.
According to Obi, the pervasive use of the dollar extends to various aspects, even influencing party primaries where transactions are conducted in foreign currency. He advocated for measures to address this issue, including imposing stiff penalties to deter such practices. Obi clarified that individuals earning dollars legitimately should be able to spend them as they wish, but the misuse of the dollar has become a conduit for corruption and criminality in the system.
In proposing a solution, Peter Obi stressed the need for the country to focus on exports as a means of strengthening the Naira. By emphasizing efforts on boosting export-oriented activities, he believes Nigeria can reduce its reliance on the dollar and create a more sustainable economic environment.
