Renowned Human rights lawyer, Femi Falana SAN, has advised the Federal Government to consider joining economic bloc BRICS to regain Naira’s strength and ensure prosperity of the Nigerian economy.
Speaking on Channels Television’s Politics Today on Tuesday, Falana hinged his advice on the need for Nigeria to end its dependency on the United States of America dollar.
However, the legal luminary said joining the economic bloc would enable Nigeria to sell its crude oil to other countries in naira and not in the U.S. dollar, thereby helping to strengthen the local currency.
Falana said, “There is a group of countries in the world today insisting that we are not going to be tied to the American dollar. We want to trade among ourselves in our currencies and those countries are in the BRICS – Brazil, Russia, India, China and South Africa.
“Others are joining them, Saudi Arabia has joined them, U.A.E, Ethiopia, Egypt and others. Nigeria is not there. We cannot be more catholic that the Pope. If friends of the west are joining BRICS, why are we not there? So that Nigeria and other countries can trade in their currencies, we’ll trade in naira.’’
Mr Falana urged the government to stop dancing around the country’s economic challenges, insisting that the circulars being issued by the Central Bank of Nigeria would not solve the forex problems facing Nigeria.
“If I had my way, my own radical policy would be that: I would sell Nigerian gas and crude oil in naira. Let those who want to buy our products look for naira. That is how to promote your currency,” he advised.
