Posted by The Nigerian government has being urged to crack down on the practice of dollar hoarding.
This was said by the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, on Saturday during the adire exhibition by South-West adire makers and the graduation of 150 women tricycle riders.
To help the naira, Oba Ogunwusi also suggested that Nigerians buy locally produced fabrics (adire) rather than those created abroad.
The Naira has been steadily losing value in the forex market, which has prompted the appeal.
According to the Ooni, in order to save the naira, Nigerians must curb their appetite for imported products and the government must go after individuals hoarding dollars.
”We are the problem of ourselves in this country,” he said. Money: why do we need it? We can get by without currency. The naira is our official currency. Why all the fuss about the dollar when we use the local currency, the naira?
I beg the administration to take a hard line. People who are hiding their dollars in even small institutions should be targeted. Since that is not our country’s official currency, it makes no sense.
If Americans buy more domestically made goods, the dollar won’t feel the pinch. We’re excited to show off our regional textiles. We beg the government to take part in such endeavors on occasion.
“The government ought to encourage programs like this (adire). The naira used in their production is entirely local. Our leaders need to step it up. They should act and think like Nigerians, even to wearing traditional clothing.