Dollar Now Become Nigeria’s Economy Underground Currency – Peter Obi

Peter Obi, the Labour Party’s presidential candidate for the general elections in 2023, has bemoaned the “dollarization” of the Nigerian economy.

On Monday, Peter Obi said in an interview with Arise TV about the state of the nation that the naira should have been devalued and added that the use of the dollar in the nation has resulted in inefficiency.

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According to him, “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 added that the nation should focus more on exports to support the currency.