Naira at N400 to Dollar Unrealistic, Says Ex-CBN Deputy Governor

Former Central Bank of Nigeria Deputy Governor Kingsley Moghalu criticizes unrealistic expectations of Naira stabilizing at N400 to the dollar

In a recent series of posts on his social media account, former Deputy Governor of the Central Bank of Nigeria, Kingsley Moghalu, has expressed skepticism towards the idea of the Naira stabilizing at N400 to the dollar. Moghalu argues that such expectations are unrealistic and do not align with the current economic realities.

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He points out that the exchange rate should reflect the true market value of the Naira, rather than being artificially maintained at a certain level to please those in political power. Moghalu highlights the negative impact of speculative attacks on the currency and emphasizes the need for a shift towards a more sustainable and productive export economy.

Moghalu stresses the importance of creating a value-added manufacturing sector that can generate significant foreign exchange earnings beyond oil. He also addresses the critical issue of inadequate power generation in Nigeria, citing the need to significantly increase electricity production to unleash the full potential of the country’s entrepreneurial spirit.

The former central bank official underscores the importance of addressing these fundamental issues to restore investor confidence and pave the way for a more stable and prosperous economic future for Nigeria.