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NEWS UPDATE: Corruption, others cause Naira depreciation, Nigeria has excess BDCs – Economist, Fasua

NEWS UPDATE: Corruption, others cause Naira depreciation, Nigeria has excess BDCs – Economist, Fasua

An Economist, Tope Fasua said corruption, inefficiency and low productivity were amidst the factors causing the depreciation of the Naira.

The Main Executive Officer of Global Analytics Consulting Limited told the Word Agency of Nigeria (NAN) that citizens are paying for sins of the yesteryear.

“Sins of corruption, inefficiency, low productivity. The fact is that Nigerians are not patriotic”, Fasua famous.

He cited the Central Bank of Nigeria (CBN) policy which stopped the sale of forex to in relation to 10,000 odd Bureau De Modify.

Fasua lamented that too many people and firms have a BDC license, some owing multiple licenses.

“That itself is a world tape number when compared to places similar UK where they have 145 BDCs; United Arab Emirates, 130; New York, 40.

“We should back up CBN to halt the thought of people carrying dollars around as whether it is a grade of prosperity,” he said.

The expert stressed that the CBN had the right to regulate forex sale and called for adequate render for official and legal transactions.

Fasua also cautioned Nigerians against placing premium on what happens at the dark marketplace.

The economist urged them to encourage the CBN to expand the transactions it can grant eligibility.

“The to a greater extent of the import transactions and the visible merchandise transactions the CBN can run across, the superior for the Naira,” he said.





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