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.

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