{"id":22340,"date":"2022-05-01T21:16:04","date_gmt":"2022-05-01T21:16:04","guid":{"rendered":"https:\/\/www.withinnigeria.com\/broadnews\/?p=22340"},"modified":"2022-05-01T21:16:04","modified_gmt":"2022-05-01T21:16:04","slug":"naira-depreciation-economist-say-lack-of-patriotism-responsible","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/broadnews\/2022\/05\/01\/naira-depreciation-economist-say-lack-of-patriotism-responsible\/","title":{"rendered":"Naira depreciation: Economist say lack of patriotism responsible"},"content":{"rendered":"<header class=\"entry-header\" aria-label=\"Content\">\n<p class=\"entry-title\"><span style=\"font-size: 16px\">An Economist, Dr Tope Fasua, said that some corrupt and unpatriotic officials are responsible for the continuous depreciation of the\u00a0 Naira.<\/span><\/p>\n<\/header>\n<div class=\"entry-content\">\n<div id=\"yMail_cursorElementTracker_1651421872278\">Fasua, the\u00a0 Chief Executive Officer (CEO) of an Abuja based consultancy firm,\u00a0 said this in an interview with the News Agency of Nigeria (NAN) on Sunday.<\/div>\n<div><\/div>\n<div id=\"yMail_cursorElementTracker_1651422015834\">He said that some business owners were also responsible for the fall of the <a href=\"https:\/\/www.withinnigeria.com\/broadnews\/2022\/04\/28\/naira-depreciates-further-against-dollar\/\">Naira<\/a>, despite efforts by the Central Bank of Nigeria (CBN) to strengthen and stabilise the currency.<\/div>\n<div id=\"yMail_cursorElementTracker_1651424705007\"><\/div>\n<div id=\"yMail_cursorElementTracker_1651424705202\">NAN reports that the apex bank had adopted several policies to stabilise the Naira, including restricting foreign exchange transactions to commercial banks while excluding\u00a0 Bureaux de Change.<\/div>\n<div id=\"yMail_cursorElementTracker_1651422228816\"><\/div>\n<div id=\"yMail_cursorElementTracker_1651422255569\">\u201cThe Naira is under constant attack because many of our people in some financial institutions are not patriotic. All sorts of opinions have been used to attack the currency.<\/div>\n<div id=\"yMail_cursorElementTracker_1651422414340\"><\/div>\n<div id=\"yMail_cursorElementTracker_1651422424194\">\u201cSome of them are people who have dollar positions. They have assets denominated in dollars, and they do everything to ensure that the Naira continues to crash, \u201d he said.<\/div>\n<div id=\"yMail_cursorElementTracker_1651422560118\"><\/div>\n<div id=\"yMail_cursorElementTracker_1651422605288\">Fasua said that the constant opinion by some \u201cstakeholders\u201d that the Naira is overvalued is part of the conspiracy against the currency.<\/div>\n<div id=\"yMail_cursorElementTracker_1651422730712\"><\/div>\n<div id=\"yMail_cursorElementTracker_1651422731394\">\u201cThe Nigerian monetary authorities have really not done anything untoward that depreciates the Naira.They are not doing anything that they should not do with the currency.<\/div>\n<div id=\"yMail_cursorElementTracker_1651422939392\">.<\/div>\n<div id=\"yMail_cursorElementTracker_1651422968255\">\u201cBut some officials within the monetary authority in the finance ministry and the CBN; people entrusted with the management of the Naira are part of those attacking it.<\/div>\n<div id=\"yMail_cursorElementTracker_1651422560823\"><\/div>\n<div id=\"yMail_cursorElementTracker_1651423128228\">\u201cWe should improve our patriotism and understand that our currency represents us.<\/div>\n<div id=\"yMail_cursorElementTracker_1651423325589\"><\/div>\n<div id=\"yMail_cursorElementTracker_1651423326157\">\u201d The more useless the Naira becomes, the more devalued the Nigerian currency will be viewed in the International community,\u201d he said.<\/div>\n<div id=\"yMail_cursorElementTracker_1651423408478\"><\/div>\n<div id=\"yMail_cursorElementTracker_1651423409246\">The economist also commended the CBN for its restriction on cryprocurrency transactions within the Nigerian banking system,\u00a0 and for introducing its Central Bank Digital Currency (CBDC), the eNaira.<\/div>\n<div id=\"yMail_cursorElementTracker_1651423816773\"><\/div>\n<div id=\"yMail_cursorElementTracker_1651423817256\">He urged the CBN to take steps to enable the use of the eNaira in foreign countries to boost its visibility further.<\/div>\n<div id=\"yMail_cursorElementTracker_1651423574900\"><\/div>\n<div id=\"yMail_cursorElementTracker_1651423575414\">\u201cThough the eNaira is experimental, it is a worthy alternative to cryptocurrency and has emerged as the most successful CBDC globally.<\/div>\n<div id=\"yMail_cursorElementTracker_1651424059712\"><\/div>\n<div id=\"yMail_cursorElementTracker_1651424060160\">\u201cIt is not a good thing for Nigeria to be known as one of the highest cryptocurrency trading countries. A recent IMF report says that most countries that are fraudulent embrace cryptocurrency.<\/div>\n<div id=\"yMail_cursorElementTracker_1651423670607\"><\/div>\n<div id=\"yMail_cursorElementTracker_1651423671044\">\u201cThe eNaira is a good alternative to the cryptocurrency,\u00a0 and the CBN should enable its use abroad to further boost its profile, \u201d he said.<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>An Economist, Dr Tope Fasua, said that some corrupt and unpatriotic officials are responsible for the continuous depreciation of the\u00a0 Naira. Fasua, the\u00a0 Chief Executive Officer (CEO) of an Abuja based consultancy firm,\u00a0 said this in an interview with the News Agency of Nigeria (NAN) on Sunday. He said that some business owners were also [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":22381,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"footnotes":""},"categories":[20],"tags":[162,2973,4154],"class_list":["post-22340","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-cbn","tag-central-bank-of-nigeria-cbn","tag-naira"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Naira depreciation: Economist say lack of patriotism responsible &#187; BROAD NEWS \u2014 WITHIN NIGERIA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/broadnews\/2022\/05\/01\/naira-depreciation-economist-say-lack-of-patriotism-responsible\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Naira depreciation: Economist say lack of patriotism responsible\" \/>\n<meta property=\"og:description\" content=\"An Economist, Dr Tope Fasua, said that some corrupt and unpatriotic officials are responsible for the continuous depreciation of the\u00a0 Naira. 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