The value of the Naira, Nigeria’s national currency, is on a downward spiral. However, Peter Gregory Obi, the Labour Party’s presidential candidate for the 2023 elections, believes there’s a solution in sight. He’s advocating for rigorous measures against using the U.S. Dollar as an underground currency within Nigeria.
During his appearance on Arise Television’s “The Morning Show,” Obi highlighted the importance of the Naira as Nigeria’s sole legal tender. He emphasized that while other countries reserve dollars mainly for international transactions, Nigeria is witnessing a troubling trend. As a result, an increasing number of Nigerians now favor the USD over their native currency. Furthermore, there are instances where party delegates received USD during the primaries for the upcoming 2023 elections.
Therefore, Obi is urging the National Assembly to legislate against the domestic use of foreign currencies. “While earning and saving dollars is legitimate, using it as an underground alternative to the Naira should be prohibited,” he advised.
**Impact on the Naira**
Due to this growing USD preference, the Naira experiences mounting pressure, leading to its current exchange rate of over N1000 to $1. By addressing this issue, Obi contends that the Naira can find its strength again.
Delving deeper into economic strategies, Obi unveiled potential solutions. Firstly, he proposed devaluing the Naira to around N600 to a dollar. Secondly, he emphasized enhancing Nigeria’s export sector. Such initiatives, he believes, would lead to a surge in foreign exchange, thus stabilizing the economy.
Moreover, Obi plans to counteract malpractices in the foreign exchange market and address the pervasive issue of crude oil theft.
On the topic of subsidy removal, Obi expressed a clear blueprint. After garnering feedback from stakeholders and initiating vital palliatives, he would abolish the subsidy. He believes that the subsequent savings could then be channeled into sectors like education and health, producing tangible benefits for the general populace.
However, he didn’t hesitate to critique the current administration’s approach, citing the recent wage adjustments as evidence of inadequate planning. “Such policies need foresight,” he pointed out.
He stressed that attracting investors involves more than just international roadshows. Nigeria, he believes, should fortify security and amplify exports for genuine economic progression.
Peter Gregory Obi advocates for legislative measures against the use of the U.S. Dollar as an underground currency in Nigeria, aiming to strengthen the Naira and foster economic growth.
