Nigeria Has no Business Selling Oil in Dollars – Femi Falana

Nigeria Has no Business Selling Oil in Dollars - Femi Falana
Femi Falana

Falana speaks against selling of crude oil in Dollars

Human Rights Lawyer, Femi Falana, SAN has disapproved of the dollarisation of the Nigerian economy.

Falana stated on Channels Television’s Politics on Monday that Nigeria should not be selling crude oil in dollars.

The lawyer mentioned that the campaign against the dollarisation of the economy was brought to the attention of the leadership of the Central Bank of Nigeria, adding that While they have promised to address the situation, they have been unable to do so.

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He further questioned Nigeria’s position amidst the quest by Brazil, Russia, India, China, South Africa (BRICS) countries, and others to introduce an international currency to challenge the dollar.

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He opined that the apex bank should not take advice from the International Money Fund, IMF, and the World Bank, as these bodies believed that the naira was overvalued.

The senior advocate revealed that house rent and school fees were now paid in dollars in some parts of the country.

He said:

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?

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“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.”