“What have we done to devalue our currency to this extent? Something must be wrong. I cannot believe that in my own lifetime, the naira has become so devalued that it is not even worth the paper it is printed on,” he lamented .
He recalled that in 1979, one naira was equivalent to $1.80, whereas today, a dollar trades at approximately ₦1,600.
The former president, who chairs the IATF Advisory Council, highlighted the potential benefits of trading in local currencies. He commended the African Export-Import Bank (Afreximbank) for its Pan-African Payment and Settlement System (PAPSS), which allows businesses to transact directly in local currencies.
“If we are trading between Algeria and Uganda, why should we be looking for dollars or euros? The Ugandan trader wants his shillings, not dollars. That is the kind of system Afreximbank is promoting, and it is the kind of solution Africa urgently needs,” he said.
Obasanjo reiterated the importance of revisiting the vision of Africa’s Founding Leaders, The IMF, the World Bank, the United Nations -all these institutions were created before most of Africa was Independent.
Credit: Guardian
