Hoarding by wealthy citizens caused dollar scarcity – Oluwo

The Oluwo of Owo, Oba Abdulrosheed Akanbi, has challenged wealthy Nigerians to demonstrate patriotism by selling dollars in their possession.

Oba Akanbi who blamed the hike in the naira-dollar exchange rate on the scarcity of foreign currency in the market, alleged that Nigerians were hoarding dollars to create artificial scarcity.

The monarch, in a release signed by his press secretary, Alli Ibraheem, obtained in Osogbo on Saturday, also disclosed that the availability of dollars in the market would reduce the exchange rate and ultimately checkmate inflation hitting hard Nigerians.

He stated dollar hoarders were parts of people causing harm to the economy, declaring that “most rich Nigerians are culpable,” and appealed to them to safeguard Nigeria’s economy by disposing of dollars in their possession.

The release further read, “I am appealing to Nigerians most especially the wealthy individuals 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 rates and ultimately leading to inflation. Pumping the hoarded dollars into 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 patronize 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 hundred per cent made in Nigeria. With public enlightenment on patronage of Nigerian goods, we can have a more prosperous and friendly economy.”

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