Falana: Nigeria’s economy destroyed by CBN’s ‘dollarisation’ policy

Femi Falana, human rights lawyer, has bemoaned what he described as the ‘dollarisation’ of the Nigeria’s economy and the country’s lack of visibility and input in the ‘international economy order’.

 

 

 

The legal luminary bared his mind in an interview with Channels Television on Tuesday.

 

 

 

He accused the Central Bank of Nigeria (CBN) of the “dollarisation” of the Nigerian economy, noting that it’s an anomaly for Nigerians to be selling its crude oil in dollars instead of naira.

 

 

 

The human rights lawyer said the CBN has not responded to his concerns about the “dollarisation” of the Nigerian economy despite promising to do so.

 

 

 

Falana also faulted the use of dollar for business transactions in Nigeria, adding that house rents and school fees are being paid in dollars in some parts of the country.

 

 

 

During the interview, he asked for the stance of the federal government on the quest of the BRICS countries — Brazil, Russia, India, China and South Africa — to introduce an international currency to challenge the dollar.

 

 

 

“Along our campaign against dollarisation of the economy, the world is moving,” Falana said.

 

 

 

 

“The BRICS is now campaigning that it is going to have an international currency to challenge the dollar.

 

 

 

“About 24 countries have applied to join the body in their next summit that will take place in South Africa.

 

 

 

“I am simply asking, what is the position of Nigeria? Have we reduced ourselves to the footnote of history as far as international affairs are concerned?

 

 

 

“When you look at section 19(e) of the constitution, it provides that it shall be the duty of the government of Nigeria to promote a new international economic order.

 

 

 

“We have no business selling our oil, gas, and other products in dollars, we are supposed to ask the buyers to pay in naira so that you can shore up your currency.

 

 

 

“That is what Russia is doing currently. China is doing the same. India is doing that.”

 

 

 

BRICS is an acronym for Brazil, Russia, India, China, and South Africa. BRICS was established to form an alliance to challenge the west, especially the G7 countries. CONTINUE READING…………………………..

 

 

 

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