Economy
Peter Obi laments free fall of naira, says dollar now underground currency of Nigeria’s economy
The presidential candidate of the Labour Party in the 2023 general elections, Peter Obi, has lamented the free fall of the naira, saying dollar is now the underground currency of the Nigerian economy.
The naira has lost 35.50 percent of its value against the dollar, falling from 738/$ at the beginning of the year on the parallel market.
The Naira is about N1000 per dollar in the parallel market, and this has increased the cost of items in the country.
Speaking during an interview with Arise TV on Monday on the state of the country, Peter Obi stated that the naira should have been devalued, adding that the use of the dollar in the country has led to unproductivity.
He said,
“Dollar has become the underground currency of our economy; it shouldn’t be. We have a currency called the naira. All the things people use dollars to do that are not productive should be removed.
“I can assure you that when you remove it, it can strengthen the currency. Today, even when you want to do party primaries, people share dollars. That is not our currency.
“There should be a stiff penalty in dealing with the issue. If people earn dollars legitimately, let them spend it the way they want. However, it has now become a means of corruption and criminality in our system.”
Peter Obi further stated that the country should work more on exports to strengthen the currency.
Meanwhile, the new governor of the Central Bank of Nigeria, Dr. Olayemi Michael Cardoso, has promised to improve the currency.
Follow us on social media:
Several men accuse Diddy of r@p!ng them @n@lly in new wave of lawsuits
“US approving Ukraine to use missiles against Russia a big mistake” – Turkish president Erdogan
Lady cries out as she discovers her boyfriend of 11 months secretly infected her with HIV (Video)
Wizkid’s sister blows hot after being dragged for comparing brother to Albert Einstein
Four boys banished for life from upper-Benin over alleged g@y act (Video)
Trump announces plan to use military for mass deportation of Nigerians and others
Mixed reactions as singer Wizkid gives his colleague Davido a nickname
“The best way to honor Ifeanyi Ubah is to release Nnamdi Kanu so that the Igbos can go home and reorganise their place” – Senator Rochas Okorocha tells FG
-
News2 days ago“Tinubu Has A Better Policy Document Than Peter Obi, Atiku” – Doyin Okupe says
-
Crime2 days agoFive soldiers k!lled, 10 wounded and four missing as Boko Haram attacks troops in Borno
-
Celebrity Gossip & Gist2 days ago“FC dey do too much” – Video of a Wizkid die-hard fan bathing with a JBL speaker as he dances to the singer’s hit song “Dance” stirs the internet (Watch)
-
Lifestyle2 days ago17-year-old Delta student allegedly ass@ulted and locked inside dog cage by his female classmate’s father and brothers for visiting her