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The Paramount Ruler of Iwoland, HIM Oba Abdulrosheed Adewale Akanbi, has related the hike in naira-dollar exchange rate to dollar scarcity in the market and blamed it on Nigerians hoarding the foreign currency.
He challenged Nigerians to demonstrate patriotism by selling dollar in their possession and convert it to naira. He disclosed availability of dollar in the market will reduce the exchange rate and Ultimately checkmate inflating hitting hard on Nigerians.
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He stated dollar hoarders are parts of those frustrating the economy, asking them to be wary of posterity. He noted most rich Nigerians are culpable, appealing to them to safe Nigeria by disposing dollars in their possession.
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A statement released by Oluwo through his press secretary, Alli Ibraheem, further reads “I’m appealing to Nigerians most especially the wealthy individual hoarding dollars to demonstrate patriotism by selling and convert foreign currency in their possession to naira. Dollar hoarders have created artificial scarcity,thus leading to high exchange rate and ultimately lead to inflation”
“Pumping the hoarded dollars in circulation will lubricate our economy and decimate the hardship on innocent masses. As I speak, I’ve 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 ”
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“Nigerians are equally enjoined to patronize made in Nigeria products. I’ve 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 hundred percent made on Nigeria. With public enlightenment on patrinage of Nigeria goods, we can have a more prospering and friendly economy “