Oba Akanbi who blamed the hike in the naira-dollar exchange rate on the scarcity of the foreign currency in the market, alleged that Nigerians were hoarding the dollar to create artificial scarcity.
The monarch, in a statement signed by his press secretary, Alli Ibraheem, obtained in Osogbo on Saturday, also disclosed that the availability of the dollar in the market would reduce the exchange rate and ultimately checkmate inflation.
He stated that those hoarding dollar are parts of people causing harm to the economy, declaring that “Most rich Nigerians are culpable”, and appealed to them to safeguard Nigeria’s economy by disposing of dollars in their possession.
The statement further read, “I am appealing to Nigerians, most especially the wealthy individuals hoarding dollars to demonstrate patriotism by selling and converting foreign currency in their possession to naira.
“Dollar hoarders have created artificial scarcity, thus leading to high exchange rates and ultimately leading to inflation. Pumping the hoarded dollars into circulation will lubricate our economy and decimate the hardship on innocent masses.
“As I speak, I have emptied my dollar account. We can only get there if we are ready to sacrifice by jettisoning selfish economic policies capable of suffocating our survival.
“Nigerians are equally enjoined to patronize made-in-Nigeria products. I have taken that lead among the traditional rulers.:
All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.
Contact: [email protected]
