February 23, 2024
Crude Oil Sales: Pay Nigeria In Naira, Not Dollar – Falana
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Crude Oil Sales: Pay Nigeria In Naira, Not Dollar – Falana

Human rights lawyer, Femi Falana, SAN, is condemning what he describes as the dollarisation of the Nigerian economy, saying that the country has no business selling crude oil in dollars. 

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

Speaking on Channels Television, the lawyer also raised the question of Nigeria’s stance given the quest by the BRICS countries and others to introduce an international currency to challenge the dollar. 

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He noted that about 24 countries have applied to join the body in their next summit in South Africa. 

Mr Falana referenced Section 19 E of the Constitution, saying that it shall be the duty of the government of Nigeria to promote a new international economic order. 

He condemned the central bank for taking advice from the IMF and the World Bank who believe the naira is over-valued and insists that requesting payment in Naira will shore up Nigeria’s currency, a policy adopted by Russia, China and India.

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