The presidential candidate of the Labour Party in the 2023 election, Peter Obi, has said that the dollar has become the underground currency of the Nigerian economy as the naira continues to decline in value.

In an interview on Arise TV’s ‘The Morning Show‘ on Monday, Obi said that the only way to stabilise the naira is to secure the country and block all oil leakages.

“If you can secure Nigeria, block all the oil leakages, we will be able to attract foreign investment and stabilise the naira,” he said.

Obi’s statement comes as the naira remains under pressure following increased demand for dollars amid dollar shortage occasioned by low inflows from oil receipts and foreign capital.

The naira has lost 35.50 percent of its value against the dollar, falling from 738/$ at the beginning of the year on the parallel market.

The Naira is about N1000 per dollar in the parallel market, and this has increased the cost of items in the country.

The new governor of the Central Bank of Nigeria, Dr. Olayemi Michael Cardoso, has promised to improve the currency.