The Oluwo of Iwo, Oba Abdulrosheed Adewale Akanbi, has urged Nigerians to exchange their dollars for Naira, emphasizing the importance of patriotism in addressing the current exchange rate crisis.
In a statement released by his spokesman, Alli Ibraheem, on Saturday, the Osun monarch pointed out that hoarding of foreign currency by Nigerians is a significant factor contributing to the exchange rate challenges.
Akanbi emphasized that increasing the availability of dollars in the market will lead to a reduction in the exchange rate, thereby helping to alleviate the burden of inflation faced by Nigerians.
He criticized those who hoard dollars, stating that they are contributing to the economic challenges faced by the country and urged them to consider the impact on future generations. Akanbi noted that many wealthy Nigerians are involved in this practice.
The monarch appealed to individuals in possession of dollars to act in the best interest of Nigeria by converting their foreign currency holdings into Naira, thereby contributing to the stability of the economy.
The statement reads, “I am appealing to Nigerians most especially the wealthy individual 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 in 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 patronise made-in-Nigeria products. I have taken that lead among the traditional rulers. I was the first Nigerian monarch to buy a made-in-Nigeria Innoson vehicle. My wears most especially the ‘Ofi’ are one hundred per cent made in Nigeria. With public enlightenment on the patronage of Nigerian goods, we can have a more prospering and friendly economy.”
