The Oluwo of Owo, Oba Abdulrosheed Akanbi, has urged wealthy Nigerians to demonstrate patriotism by selling their dollars. According to the monarch, the scarcity of foreign currency in the market has contributed to the hike in the naira-dollar exchange rate, which he attributes to alleged hoarding by some individuals.
In a statement released by his press secretary, Alli Ibraheem, the Oluwo of Owo emphasised the importance of increasing the availability of the dollar in the market to reduce exchange rate fluctuations and curb inflation. He declared, “Most rich Nigerians are culpable,” implicating them in the economic harm caused by hoarding practices.
“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,” the monarch urged.
He highlighted the detrimental effects of artificial scarcity on the economy. The statement further emphasised the need for collective action: “Pumping the hoarded dollars into circulation will lubricate our economy and decimate the hardship on innocent masses.” Oba Abdulrosheed Akanbi revealed that he had emptied his dollar account in solidarity with the cause.
“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”, he said.
In addition to addressing dollar hoarding, the monarch encouraged Nigerians to support local industries by patronising made-in-Nigeria products. He emphasised the role of individual actions in shaping economic policies, urging citizens to prioritise the nation’s welfare over personal interests.
The Oluwo of Owo’s call to action comes amid ongoing efforts to stabilise the naira-dollar exchange rate and mitigate inflationary pressures.
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