CBN Blunders Blamed For Naira’s Freefall, Says Utomi

CBN Blunders Blamed For Naira’s Freefall, Says Utomi

Renowned political economist, Pat Utomi, asserts that the Central Bank of Nigeria’s (CBN) errors are exacerbating the depreciation of the naira’s value…..READ MORE CBN Governor Predicts Inflation Dip: Nigeria’s Rate Set To Plummet To 21% In 2024

With the naira currently exceeding N1,400 to a dollar on the black market and experiencing a downward spiral relative to major global currencies, Utomi contends that the missteps of Nigeria’s central bank are significant contributors to the nation’s economic woes.

Despite the initial currency floatation during President Bola Tinubu’s administration, Utomi attributes the ongoing economic downturn to mistakes made by the CBN.

Speaking on Channels TV’s Sunrise Daily, Utomi stressed the necessity for Nigeria’s economic administrators to implement vital adjustments to address the country’s economic challenges.

“For many years, Nigeria has relied on remittances from the diaspora, a substantial segment of the economy. However, advancements in entrepreneurship and technology have redirected these remittances away from Nigeria,” Utomi stated.

He highlighted that while technology facilitates transactions between Nigerians abroad and those at home, the influx of dollars into the Nigerian economy has significantly decreased. Utomi emphasized that the CBN’s missteps in recent years have exacerbated this issue, contributing to the current depreciation of the naira.

Utomi’s analysis underscores the urgent need for corrective measures to stabilize the naira and steer Nigeria’s economy towards sustainable growth.