Nigeria has no business selling crude oil in dollars – Falana

May 9, 2023

Human rights lawyer, Femi Falana, SAN, has condemned what he described as the dollarisation of the Nigerian economy, adding that the country has no business selling crude oil in dollars.

He said he has led a campaign against the dollarisation of the economy to the leadership of the Central Bank of Nigeria who have promised to address the situation but have been unable to do so.

Falana, who was a guest on Channels Television’s Politics Today on Monday, also questioned the position of Nigeria amid the quest by the BRICS countries and others to introduce an international currency to challenge 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 condemned the central bank for taking advice from the IMF and the World Bank as these bodies believe that the naira is overvalued. Falana also lamented that house rent and school fees are now paid in dollars in some parts of the country.

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