An Abuja based financial expert, Dr Emmanuel Ozigi has decried the dollarisation of the Nigeria’s economy.

Speaking during the official launch of business operation of Kabimya Finance Company Limited (KFCL) in Abuja, he explained that the situation has impacted negatively on the nation’s economy.

Ozigi also canvassed the immediate review of the Central Bank of Nigeria (CBN) free floating policy of the naira aimed ensuring uniformity in the foreign exchange rates.

According to him: “When you have an economy that is not regulated, looking at the free for all business, it means that there is no control. You can see the macro economic effect of what has happened in less than 60 days in terms of inflation, standard of living and livelihood. This is the implications of policy summersaults.

“An economy should be driven and should have the drivers of the economy who should point the direction on how it should go. But now that is free for all everybody regulates.

” It is the forces of demand and supply that determines the exchange rate. I can decide to hoard and release when I know there is heavy demand to sell at a premium. These are the implication of not having a regulated.”

Continuing, he noted”You can’t have a free for all policy where there are no regulations. There is no economy that thrives on a free economy where everybody determines; or the forces of the market determines it.

“Some of these policies are not realistic because some of them are probably as a result of hoarding so that to make gains and it is temporary.

“The effect of that to the common man is that they dont have access to that and that is why the implication is more on the common people who do not have access and that is why we are saying that it should be regulated.

“And at the same time the government should be looking at how to reduce the dollarisation of our economy so that we don’t continue to dollarise every of our activities.

“Even sweet is dollarised. So when you dollarised everything it makes it difficult for you to improve your local economy. And that is why we cannot compete internationally.

“So as much as possible we should as much as possible reduce the dollarisation of our activities, commodities and services.”

Ozigi who is the brain behind the establishment of the KFCL explained that the outfit aims to provide unparalleled financial advice and support to SMEs, private businesses, and individuals with varying needs.

He added: “We believe that the foundation of success lies in innovation, trust, and customer centric approach. With a team of dedicated experts and a deep understanding of the industry, we aim to be at the forefront of financial solutions, catering to the unique needs and aspirations of our valued clients.

“Our mission is simple: to empower our clients to achieve their financial goals and secure their financial future. Through a comprehensive range of products and services, we will be offering tailored solutions that cater to every stage of our clients’ lives from investment planning and wealth management to lending solutions and risk management strategies.

As a responsible financial institution, we are committed to upholding the highest standards of ethics and transparency. Our customers’ interests will always be our top priority, and we will go above and beyond to ensure the utmost security and confidentiality of their financial information.”