The Federal Government is worried by the use of dollar as means of payment or legal tender in the local market in Nigeria.
The naira is the only legal tender in the country, but in most parts of Nigeria, Lagos in particular, lands are sold in dollars, prices of some products are denominated in dollars, school fees are quoted in dollars, hotels charge dollars for rooms – same is true for other services.
In Japan and other developed countries, payments for any local transactions are done in the local currency unit; their nationals insist you pay for goods and services in local currency.
Reacting to reporters question on the use of dollar in Nigeria local market, Central Bank of Nigeria Governor, Mallam Sanusi Lamido Sanusi said that the dollarisation of the Nigerian economy is of serious concern to the President, the CBN, the Economic management team, and that the CBN is coming up with policy to stop the practice.
What, do you think, is the reason behind the “dollarisation” of Nigeria? Why Nigerians are “losing faith” in the local currency? Is it, indeed, a frightening tendency in our economy?