As Nigeria continues to experience foreign exchange (forex) crisis, leading to a steep depreciation of the naira, an economic expert has attributed the cause to activities in the political circle which puts high pressure on the system.

Energy economist, Dr Onuoha Nnachi, who is the Managing Partner, DPH Investments, said that apart from the fact that the country has low production, coupled with demands by manufacturers, that of the political class puts more pressure on the foreign exchange market in the country.

Dr Nnachi, who appeared on Channels Television Sunrise Daily show on Tuesday morning, accused the political class of “dollarizing corruption.” He claimed that there is no sitting state governor in the country today who does not do up to $1 million in purchases of foreign currency for use. He said he had studied the trend over time and found out that up to a 5 per cent jump in the exchange rate occurs at the end of every month.

To read more, click the link below
https://www.primebusiness.africa/politicians-dollarization-of-corruption-puts-high-pressure-on-fx-expert/

Nigerian politicians are just too wicked....