Peter Obi Decries the ‘Dollarisation’ of Nigeria’s Economy

Presidential candidate of the Labour Party, Peter Obi, laments the increasing use of the US dollar in Nigeria’s economy and advocates for measures to strengthen the Naira.

Peter Obi, the presidential candidate of the Labour Party (LP) in the 2023 general elections, has expressed concern over the growing ‘dollarisation’ of Nigeria’s economy. During an interview with Arise TV, he highlighted the negative impacts of the widespread use of the US dollar in the country.

Obi argued that the Nigerian Naira should have been devalued to address the issue of dollarisation. He noted that the excessive use of the dollar for transactions in Nigeria has led to unproductivity and has become a conduit for corruption and criminal activities.

In his words, Obi stated, “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.”

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The former governor of Anambra State also called for strict penalties to deter individuals from engaging in corrupt practices involving the US dollar. He emphasized that legitimate earners of dollars should be allowed to use their earnings as they see fit, but illicit and corrupt uses of the currency should be curbed.

Obi proposed that Nigeria should focus on boosting its exports as a means to strengthen the Naira. Encouraging a greater emphasis on exports could help reduce the country’s reliance on the US dollar and contribute to the stability of the Naira.

The concerns raised by Peter Obi regarding the ‘dollarisation’ of Nigeria’s economy highlight the challenges facing the country’s currency and financial system. Addressing these issues will likely require a combination of policy measures and regulatory actions to restore confidence in the Naira and promote economic productivity.