Femi Falana, SAN, a human rights lawyer, has criticised the dollarization of the Nigerian economy, saying the country has no business selling crude oil in dollars.
He stated that he led a campaign against the dollarization of the Nigerian economy to the leadership of the Central Bank of Nigeria (CBN), who vowed to solve the matter but were unable to do so.
Falana, who was a guest on a program on Monday, also questioned Nigeria’s position among the BRICS (Brazil, Russia, India, China, and South Africa) countries’ and others’ efforts to develop an international currency to compete with the dollar.
“Along our campaign (against dollarization of the economy), the world is moving. 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, provides that it shall be the duty of the government of Nigeria to promote a new international economic order and that is and that is the world before us.
“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. And that is what Russia is doing currently, China is doing the same, India is doing that,” Falana said
He chastised the central bank for following the advise of the International Monetary Fund (IMF) and the World Bank, both of which feel the naira is overpriced.
Falana also bemoaned the fact that in some regions of the country, house rent and school fees are now paid in dollars.
