During a recent appearance on a Channels Television program, political economist Pat Utomi expressed his view that the Central Bank of Nigeria (CBN) played a role in the depreciation of the Naira.
Utomi highlighted the impact of entrepreneurship and technology on the flow of dollars into Nigeria, noting that these factors have disrupted the traditional channels through which foreign exchange entered the country. He emphasized that diaspora remittances have historically been a significant source of foreign exchange for Nigeria's economy. However, he observed a shift where Nigerians abroad now utilize digital platforms to send money directly to individuals in Nigeria, bypassing traditional banking channels.
While acknowledging the convenience of this approach, Utomi raised concerns that it deprives the Nigerian economy of much-needed dollar inflows. He attributed this phenomenon partly to the Central Bank's actions, suggesting that certain missteps made by the institution in recent years have exacerbated the situation.
Utomi's remarks underscore the complex interplay between technological advancements, economic policies, and currency stability in Nigeria, shedding light on the challenges faced by the country's financial landscape.
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