The American dollar now underground currency of Nigeria’s economy – Peter Obi

The presidential candidate of the Labour Party in the 2023 general elections, Peter Obi, has lamented the ‘dollarisation’ of the Nigerian economy.

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.