CBN contributed to fall of Naira by some missteps they made in the last few years — Pat Utomi

Political economist Pat Utomi has opined that the Central Bank of Nigeria (CBN) contributed to the fall of the Naira. 

Appearing on a Channels Television program on Friday, February 9, Utomi stated that entrepreneurship and technology have stopped dollar from coming to Nigeria and the Central Bank contributed to that by some “missteps” they made in the last few years. 

He said; 

“For many years, Nigeria has depended on foreign exchange sent home by the diaspora. Diaspora has been a significant part of the economy.

“They are supporting their people from there because things are not going well for most of their people. But you know what, that leads to an inflow of foreign exchange into the country, and that helped us keep things going.

“Today, entreprenuership and technology have made it such that dollar is not coming to Nigeria. They simply use one app and the Nigerian in London or Chicago who wants to solve a problem for their person here, gives dollars to somebody who is there and the naira goes to the persons here. 

“Yes, it solves the problem but the Nigerian economy has not received the input of the dollar. And Central Bank helped contribute to that by some missteps they made in the last few years. So, this is a major reason why the exchange rate is tumbling.”