Dollar is now the underground currency of Nigeria’s economy – Peter Obi

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

According to Peter Obi, the naira has faded in significance as the use of the dollar in the country has led to unproductivity.

“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.’ Obi told Arise TV on Monday, October 2.

“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 country should work more on exports to strengthen the currency