Ex-CBN Deputy Governor Kingsley Moghalu Denounces Idea Of Naira At N400 To Dollar As Impractical

Ex-CBN Deputy Governor Kingsley Moghalu Denounces Idea Of Naira At N400 To Dollar As Impractical....KINDLY READ THE FULL STORY HERE▶

Former Central Bank of Nigeria Deputy Governor Kingsley Moghalu has criticized the idea of pegging the Naira at N400 to the Dollar, arguing that it’s a notion born from a dream world rather than economic reality. In a statement shared on his social media account, Moghalu emphasized the importance of letting the exchange rate reflect its true market value.

He attributed the artificiality of the exchange rate during Godwin Emefiele’s tenure at the Central Bank to political pressures rather than sound economic principles. Moghalu argued that this artificiality led to rampant speculation, which further weakened the Nigerian economy.

Moghalu stressed the need for Nigeria to transition towards a value-added manufacturing export economy that isn’t solely reliant on oil revenue. He highlighted the lack of significant foreign reserves and productive export sectors as key challenges that must be addressed.

Addressing the electricity deficit in the country, Moghalu pointed out that Nigeria’s low power generation capacity severely hampers its economic potential. He urged for substantial improvements in the power sector to unleash the entrepreneurial spirit of Nigerians and drive economic growth.

In conclusion, Moghalu emphasized the importance of focusing on pragmatic economic policies and investments to steer Nigeria towards sustainable growth rather than banking on unrealistic exchange rate targets.

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