Peter Obi Raises Concerns Over the Proliferation of the US Dollar in Nigeria’s Economy

Peter Obi, the presidential candidate of the Labour Party (LP) in the 2023 general elections, expressed concern about the increasing reliance on the dollar in Nigeria’s economy.

During an interview with Arise TV, he emphasized the need for the Naira to be devalued and highlighted that the widespread use of the dollar has contributed to economic unproductivity.

Obi remarked, “The dollar has become a hidden currency in our economy, which it shouldn’t be. We have our own currency, the Naira. Activities that do not contribute to productivity and require the use of dollars should be discouraged.”

He further stated, “Today, even political party primaries involve the exchange of dollars, which is not our official currency. There should be strict penalties for such practices. Legitimate earnings in dollars should be used responsibly, but it has unfortunately become a tool for corruption and criminal activities within our system.”

Peter Obi also stressed the importance of boosting exports as a means to strengthen the Nigerian currency.