The The Oluwo of Owo, Oba Abdulrosheed Akanbi, has urged rich Nigerians to show patriotism by selling the dollars they have.
Oba Akanbi accused Nigerians of keeping dollars to deliberately make it scarce, which he said caused the increase in the naira-dollar exchange rate.
The monarch, in a statement from his press secretary, Alli Ibraheem, in Osogbo on Saturday, also stated that having more dollars available would lower the exchange rate and help control the inflation that is affecting Nigerians.
He claimed that those hoarding dollars were contributing to harm the economy, and asked them to help Nigeria's economy by getting rid of their dollars.
The statement also urged wealthy Nigerians holding dollars to show patriotism by selling and converting their foreign currency to naira.
“Holding onto dollars has created a fake shortage, causing high exchange rates and leading to inflation. Releasing the hoarded dollars into the economy will improve our economy and reduce the suffering of ordinary people.
“I have emptied my dollar account. We can only make progress if we are willing to sacrifice by giving up selfish economic policies that could harm our survival.
“Nigerians are also encouraged to buy products made in Nigeria. I have taken the lead among the traditional rulers. I was the first Nigerian monarch to buy a made-in-Nigeria Innoson vehicle. My clothes, especially the ofi, are completely made in Nigeria. With public awareness about buying Nigerian products, we can have a more prosperous and friendly economy.”
