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Naira at N400 to Dollar Unrealistic, Says Moghalu

Naira at N400 to Dollar Unrealistic, Says Moghalu

Kingsley Moghalu, a former Deputy Governor of the Central Bank of Nigeria, has dismissed the idea of the Naira stabilizing at N400 to the dollar as unrealistic. He expressed this view through his X account, emphasizing that the exchange rate should reflect its true market value rather than artificial manipulation.

Moghalu criticized past policies of maintaining an artificial exchange rate to please political powers, which he argued led to economic instability and exploitation by speculators. He highlighted the need for Nigeria to transition towards a productive export economy beyond oil, citing the lack of significant foreign reserves and investor confidence as obstacles to achieving a favorable exchange rate.

He emphasized the importance of addressing Nigeria’s electricity challenges, suggesting that increased power generation could unlock the nation’s entrepreneurial potential and drive economic growth.

Moghalu stressed the necessity of focusing on value-added manufacturing and export-oriented strategies to improve Nigeria’s economic outlook and currency stability.

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