How CBN Contributed to Tumbling Naira Value, Peter Obi’s Ally Utomi Speaks

• There is hardship in the land due to President Bola Tinubu's economic policies which have not favoured the majority in the country
• However, Pat Utomi, an ally of Peter Obi, has insisted that the CBN contributed to the recent fall of the Naira
• The economist also shared his position on how Nigerians in Diaspora contribute to the growth of the nation's economy

Legit.ng journalist Esther Odili has over two years of experience covering political parties and movements.

Amid soaring inflation rates and food insecurity, political economist Pat Utomi has said that the “missteps” from the Central Bank of Nigeria (CBN) contributed to the tumbling value of the nation's currency, the naira.

The naira exchanges for about N1,400 to a dollar in the parallel market as of now and has been on a downward slide against major world currencies in the past months.

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NLC to Tinubu: Curb inflation or face N1 million minimum wage demand

Barely five months after the removal of the fuel subsidy and the floating of the naira by President Bola Ahmed Tinubu-led federal government, the organised labour called for nationwide protest and strike.

The presidency then negotiated with the union leadership, promising to increase the minimum wage and dishing out several palliatives to different bodies and groups.

There have been complaints that most of the palliatives go to the politicians and their supporters while the price of goods increases.

Although President Bola Ahmed Tinubu’s administration upon inception floated the currency, not much has changed, a development Utomi maintains was partly due to wrong moves by Nigeria’s apex bank.

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

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BREAKING: Tinubu approves release of 100,000 metric tons of grains

"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,” he said on Thursday’s edition of Channels Television’s Sunrise Daily.

Tinubu approves release of 100,000 metric tons of grains

In another development, Legit.ng reported that President Tinubu has directed the prompt release of over 102,000 metric tons of different grains from the National Food Reserve and the Rice Millers Association of Nigeria to address the escalating food crisis and the increasing prices of goods.

Mohammed Idris, the Minister of Information and National Orientation, revealed this information to reporters at the State House following the conclusion of a series of three meetings by the Special Presidential Committee on Emergency Food Intervention at the Aso Rock Villa on Thursday, February 8.

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Idris said:

“The first one is that the Ministry of Agriculture and Food Security has been directed to release about 42,000 metric tons of maize, millet, garri, and other commodities in their strategic reserve so that these items will be made available to Nigerians; 42,000 metric tons immediately."

Source: Legit.ng