Isaac Fayose, younger brother of former Ekiti State Governor Ayodele Fayose, has sparked controversy with his recent comments blaming Nigerian women for the ongoing dollar crisis in the country. In an appearance on the popular Arise Television programme ‘Perspectives,’ Fayose expressed his belief that Nigerian women are responsible for the worsening foreign exchange situation, as they now demand their male partners to provide them with foreign currency.
Fayose’s assertions come at a time when Nigeria is grappling with a severe forex crisis, characterized by the continuous depreciation of the national currency, the naira. The economic reforms implemented by President Bola Tinubu’s administration are believed to have contributed to the downward spiral of the naira.
The gravity of the crisis became even more apparent when the naira plummeted to an all-time low, reaching an exchange rate of ₦1,490 against the USD in the parallel market. In response, the Central Bank of Nigeria (CBN) implemented measures aimed at halting the naira’s freefall. These measures included a directive to Deposit Money Banks (DMBs) to sell their excess dollar reserves by February 1, 2024.
While critics have attributed the forex crisis to a myriad of factors such as government policies, mismanagement, and external economic conditions, Fayose’s unique perspective places the blame solely on Nigerian women. He argues that their desire for foreign currency, particularly dollars, is exacerbating the crisis.
During his appearance on ‘Perspectives,’ Fayose also highlighted the adverse effects of the economic hardship on Nigerian men, suggesting that it is causing them to delay marriage until later in life. He explained that due to the prevailing economic conditions, women are more inclined to seek financially stable partners, resulting in men marrying at an older age.
“Even the guys in Nigeria right now, they’re marrying at the age of 45, 46, 50. I’m 51. I’m already a grandfather because my son that’s 25, 26, in the UK. He grew up in the UK where money isn’t the issue, love is the issue,” Fayose expressed.
The viral video featuring Fayose also contained his suggestion that President Bola Tinubu convert deposits in domiciliary accounts into the naira. He believes this action would help alleviate the pressure on the nation’s currency. Furthermore, he accused Nigerian women of holding onto dollars for their personal use, particularly for body enhancement procedures.
“Now you see all of them doing stomach, doing bum bum. I’ve told President Tinubu we have to start taxing them because they’re the ones even keeping the dollar. You see the dollar crisis we have now, when you go out you meet a girl, she won’t ask you for naira again. She will ask you for dollars. They’re the ones causing the dollar crisis in Nigeria right now as we speak. You can see how the country is going,” Fayose boldly stated.
While Fayose’s views on the matter have generated considerable controversy and debate, it is vital to approach this issue from a more comprehensive perspective. The forex crisis in Nigeria is a complex problem influenced by multiple factors, including government policies, economic stability, and global market dynamics. Engaging in meaningful dialogue and exploring effective strategies will be essential to overcoming this pressing challenge and restoring stability to the nation’s currency.
