{"id":96170,"date":"2023-09-26T10:13:28","date_gmt":"2023-09-26T09:13:28","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/dollarized-corruption-reason-for-crumbling-naira-economist-nnachi"},"modified":"2023-09-26T12:51:21","modified_gmt":"2023-09-26T11:51:21","slug":"dollarized-corruption-reason-for-crumbling-naira-economist-nnachi","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/policy\/dollarized-corruption-reason-for-crumbling-naira-economist-nnachi","title":{"rendered":"Dollarized corruption reason for crumbling Naira \u2013 Economist Nnachi"},"content":{"rendered":"

Africa-Press – Nigeria. <\/strong><\/span>Dr Onuoha Nnachi, an economist, says dollarized corruption is the reason for the foreign exchange crisis in Nigeria.<\/p>\n

Nnachi, the Managing Director of TTL group, disclosed this on Tuesday during a Channels Television interview.<\/p>\n

He blamed Nigeria\u2019s high governance cost for Naira\u2019s continued depreciation in the forex market.<\/p>\n

He noted that the demand for dollars increases in Nigeria at the end of every month due to political pressures.<\/p>\n

He added that \u2018competitive corruption\u2019 exists among the political class, resulting in increased demand for dollars.<\/p>\n

He said if the government tackles the cost of governance, the pressure on the Naira will collapse.<\/p>\n

He urged that the government should carry out a constant forensic investigation of every public spending to tackle the forex crisis.<\/p>\n

\u201cThe political demand for the dollar is the reason for the foreign exchange crisis. Our corruption has been dollarized.<\/p>\n

\u201cWe don\u2019t only have corruption; we have competitive corruption. The people in government are competing among themselves, who have the best house, the long convoy and others, which is mounting pressure on the Naira.<\/p>\n

\u201cI can defend it with clear data. I will give you a clear example: around the first week of last month, I needed to buy the dollar I needed from the open at around N800\/$1; we are now at the end of the month, and it has gone up.<\/p>\n

\u201cIt is a gradual process; if you do that(address the cost of Governance) and do it, the pressure may drop drastically.<\/p>\n

\u201cThe 78th session of the United Nations General Assembly that took place in New York, USA recently, on the average, let\u2019s say each person from Nigeria just had $10,000, we have four or five plans packed with an estimated 500 people who went for the programme for social interaction. Take the 500 persons and multiply by the dollars spent. All this happened in one month and were all political movements,\u201d he said.<\/p>\n

After floating the Naira at the forex by the Central Bank of Nigeria in June, the country\u2019s currency had continued to depreciate, exchanging at N980\/$1 at the parallel market on Monday.<\/p>\n

For More News And Analysis About Nigeria<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Nigeria. Dr Onuoha Nnachi, an economist, says dollarized corruption is the reason for the foreign exchange crisis in Nigeria. Nnachi, the Managing Director of TTL group, disclosed this on Tuesday during a Channels Television interview. He blamed Nigeria\u2019s high governance cost for Naira\u2019s continued depreciation in the forex market. He noted that the […]<\/p>\n","protected":false},"author":84,"featured_media":96168,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,14],"tags":[1570,2140,41,11355,254,11356],"class_list":["post-96170","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-policy","tag-africa-press","tag-africa-press-nigeria-2","tag-corruption","tag-economist-nnachi","tag-nigeria","tag-onuoha-nnachi"],"yoast_head":"\nDollarized corruption reason for crumbling Naira \u2013 Economist Nnachi - Nigeria<\/title>\n<meta name=\"description\" content=\"Dr Onuoha Nnachi, an economist, says dollarized corruption is the reason for the foreign exchange crisis in Nigeria. 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