Falana Urges Nigeria To Sell Crude Oil In Naira, Not Dollars

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Human rights lawyer Femi Falana has called on Nigerians to stop selling their crude oil in dollars and instead switch to the national currency, the naira.

Falana Urges Nigeria To Sell Crude Oil In Naira, Not Dollars
Femi Falana

Falana made the comments in an interview with Channels Television on Monday, accusing the Central Bank of Nigeria (CBN) of “dollarising” the country’s economy.

Falana also criticized the use of dollars for business transactions in Nigeria, including the payment of house rents and school fees in some parts of the country. He claimed that the CBN had failed to address his concerns about the “dollarisation” of the economy despite promises to do so.

During the interview, Falana also questioned the stance of the federal government on the BRICS countries’ push for a new international currency to challenge the dollar. BRICS stands for Brazil, Russia, India, China, and South Africa.

Falana argued that Nigeria should be promoting a new international economic order as per the country’s constitution. He claimed that about 24 countries had applied to join the BRICS alliance, and Nigeria should not be left behind.

“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? 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, it provides that it shall be the duty of the government of Nigeria to promote a new international economic order.

“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.

“That is what Russia is doing currently. China is doing the same. India is doing that.”

Falana’s comments come amid a global push for countries to reduce their reliance on the US dollar. China and Russia, in particular, have been leading the charge to promote their currencies, the yuan and the ruble, as alternatives to the dollar in global trade. The BRICS alliance was established to form an alliance to challenge the West, especially the G7 countries.

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