Connect with us


Naira Collapse: You Are The Cause Not AbokiFX – Pat Utomi Fires CBN



Former presidential candidate Professor Pat Utomi has stated that policies of the Central Bank of Nigeria (CBN) is responsible for the collapse of naira.

The CBN had recently vowed to clampdown on activities of AbokiFX.

The apex bank stated that it would prosecute Olumide Oniwinde Adedotun the founder of AbokiFX.

This was made known by the Governor of the CBN, Godwin Emefiele, who disclosed this while fielding questions after the Monetary policy committee’s two-day meeting in Abuja on Friday.

According to the CBN governor, the federal government will shut down the operations of Aboki FX.

It was gathered that the CBN had been investigating Adedotun and his company for “illegal foreign exchange transactions”.

Emefiele accused Oniwinde of manipulating the exchange rate.

Speaking to PUNCH, Utomi disagreed with the decision of the CBN to prosecute the owner of AbokiFX.

According to the economic expert, it is a waste of efforts and a deviation from the major problems of the foreign exchange market.

The former presidential candidate stated that policies and decisions of the apex bank are responsible for the fall of the naira.

Pat Utomi said: “As a general principle, I disagree with that approach. Of course, markets need to be regulated and have boundaries, but I think that it is too easy to blame markets when sometimes the problem might be from within.

“I think there is nobody who is knowledgeable that does not know that for a number of years, policymakers were the biggest problem with the forex market.

“Let us not deceive ourselves, the current order has ruined the forex market, so for those who made such decisions to now complain, I think it is uncharitable. If they continue to clamp down on this and that, then the market would collapse and we will return to where we were in the 1980s.”

George Oshogwe Ogbolu is a Digital Media Strategist | Content Writer | Journalist | New Media Influencer | Proofreader and a Deputy Editor at Naija News.