Femi Falana, a prominent human rights lawyer, has advocated for Nigeria’s inclusion in the economic bloc BRICS (Brazil, Russia, India, China, and South Africa) as a strategic move to bolster the nation’s currency, the naira.
Falana proposed that Nigeria should sell its crude oil to foreign buyers in naira instead of the United States dollar, a move he believes would enhance the value of the local currency.
Speaking on national Television and reported by RoyalTimes, Falana emphasized the importance of reducing Nigeria’s reliance on the economic policies of Bretton Woods institutions like the International Monetary Fund (IMF) and the World Bank.
The Senior Advocate of Nigeria also said the government is dancing around the problem, saying that the circulars by the Central Bank of Nigeria (CBN) won’t solve the forex challenges.
“If I had my way, my own radical policy would be that: I would sell Nigerian gas and crude oil in naira. Let those who want to buy our products look for naira. That is how to promote your currency.”
“But this business of everybody looking for dollars even to pay school fees, rent houses, and sell houses. It doesn’t happen unless you dollarize your economy. These are the issues the government would have to address to come out of this economic doldrums,” he said.
Highlighting the stance of certain countries that have distanced themselves from the U.S. dollar, Falana urged Nigeria to follow suit and join BRICS. He noted that countries such as Saudi Arabia, the United Arab Emirates (UAE), Ethiopia, and Egypt have aligned with BRICS, emphasizing the benefits of trading in naira.
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