Home News Finance Those wanting the Naira at N400 to a dollar are living in a dream world – Moghalu

Those wanting the Naira at N400 to a dollar are living in a dream world – Moghalu

Dollar to Naira

Former Deputy Governor of the Central Bank of Nigeria, Kingsley Moghalu, has warned against the illusion of a stable exchange rate for the Naira, emphasising the need for a realistic approach to economic policy.

In a recent post on X, Moghalu expressed his concerns about unrealistic expectations regarding the Naira’s exchange rate, stating,

“Those who want the Naira to be N400 to the dollar are living in a dream world.”

He highlighted the importance of the exchange rate reflecting its actual market value rather than being artificially maintained, as was attempted during Emefiele’s era.

Moghalu criticised the previous approach, which he described as creating room for massive arbitrage by speculators, ultimately causing economic bleeding.

He emphasised Nigeria’s lack of a productive export economy and debunked the notion of having $100 billion in foreign reserves, calling it a fantasy.

“The sooner we focus on painstakingly creating a value-added manufacturing export economy that earns forex beyond oil in real and significant terms, the better,” Moghalu stressed.

He pinpointed the electricity problem as a significant hindrance to economic progress, citing Nigeria’s stagnant power generation capacity of less than 4,000 megawatts for a population of 200 million over decades.

Moghalu urged a substantial increase in power generation to unleash the potential of Nigerian entrepreneurship, proposing a target of 20,000 megawatts.

“Increasing power generation will unlock the full potential of the Nigerian entrepreneurial spirit.”

Read: Nepotism: Families of CJN Ariwoola, Wike, others in Federal High Court Judge Selection

About The Author

Related Articles

Ukraine Peace Summit

12 BRICS Countries Decline To Sign Ukraine Peace Summit Declaration

Twelve of the 92 countries attending the Swiss Summit on Peace in...


Sultan Of Sokoto Urges Nigerians To Embrace Farming To Alleviate Economic Hardship

The Sultan of Sokoto and president general of the Nigeria Supreme Council...


Military ‘Pause’ On Gaza Road Triggers Political Dispute 

The Israeli military’s decision to implement a daily “tactical pause” for humanitarian...

Peter Obi Labour Party

Again, Peter Obi Raises Concern Over Rise in Insecurity

Peter Obi, the Labour Party Presidential Candidate, has expressed deep concern over...