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Fall Of Naira: Central Bank are complicit — Pat Utomi



Fall Of Naira: Central Bank are complicit -- Pat Utomi

Political economist, Pat Utomi has accused Nigeria’s Central Bank of being complicit in the consistent fall of the Naira currency.

Pat Utomi explains that ‘mistakes’ made by the Central Bank have acted as contributing factors to the constant decline in the value of the currency,

Utomi’s remarks come amid a period where the naira has depreciated to over N1,400 to a dollar on the black market, demonstrating a downward trend against other major global currencies in recent months.

Although the currency was floated during President Bola Tinubu’s administration, Utomi attributes the current economic challenges facing the country to errors made by Nigeria’s central bank.

Speaking on Channels TV’s Sunrise Daily on Thursday, Utomi emphasized the need for adjustments by Nigeria’s economic administrators to address the country’s economic issues.

He highlighted the role of remittances from the diaspora, which have historically been a significant part of Nigeria’s economy, in sustaining economic activities. However, he noted a shift in the dynamics due to advancements in entrepreneurship and technology.

Utomi explained that technological innovations now enable Nigerians in the diaspora to directly assist their compatriots in Nigeria without channeling dollars through traditional means.

While this method solves immediate problems, it bypasses the Nigerian economy, as the dollars are not being officially remitted through established channels.

He further criticized the Central Bank’s handling of certain policies in recent years, suggesting that these missteps have exacerbated the situation and contributed to the depreciation of the naira.