Pat Utomi Blames CBN For Naira’s Falling Due To Recent Missteps

Pat Utomi Blames CBN For Naira’s Falling Due To Recent Missteps

Renowned political economist Pat Utomi has pointed fingers at the Central Bank of Nigeria (CBN), attributing the fall of the Naira partly to its actions over the past few years….READ ALSO Renowned Nigerian Politician Pat Utomi Opens Up About Prostate Cancer Struggles

Utomi, speaking on a Channels Television program, highlighted how entrepreneurship and technology have altered the dynamics of foreign exchange inflow into Nigeria. He emphasized that the CBN’s missteps have exacerbated this situation.

“For many years, Nigeria relied on foreign exchange remittances from the diaspora, which played a significant role in our economy. However, recent advancements in entrepreneurship and technology have diverted the flow of dollars away from Nigeria,” Utomi explained.

He elaborated on how Nigerians abroad now utilize digital platforms to transfer funds directly to individuals within the country, bypassing traditional channels. While this method solves immediate financial needs, it deprives the Nigerian economy of much-needed foreign currency.

Utomi underscored the role of the CBN in exacerbating this trend, citing “missteps” made in recent years. He argued that these actions have contributed to the decline in the exchange rate and posed significant challenges to Nigeria’s economic stability.

The remarks from Utomi shed light on the complex factors influencing the Naira’s value and underscore the importance of effective monetary policies in addressing these challenges.