Kingsley Moghalu, a former deputy governor of the Central Bank of Nigeria, challenged the notion that the Naira would reach a rate of N400 to the Dollar, stating that such expectations are unrealistic. In a statement shared on his social media platform, Moghalu emphasized the importance of the exchange rate reflecting its true market value.
He criticized the Central Bank for maintaining artificial exchange rates to appease political figures lacking economic understanding. Moghalu argued that this artificiality led to exploitation by speculators, resulting in detrimental effects on the economy.
Moghalu emphasized the need for Nigeria to transition to a value-added manufacturing export economy, diversifying its sources of foreign exchange beyond oil. He highlighted the current lack of a productive export economy and the necessity of building investor confidence to stabilize the exchange rate.
Moghalu-Naira to Dollar
In conclusion, Moghalu stressed the importance of focusing on long-term strategies to develop a robust export economy, rather than relying solely on oil revenue.
Source: vanguard.ng
