Former Central Bank of Nigeria deputy governor, Kingsley Moghalu, has criticized the idea of the Naira being valued at N400 to the Dollar, stating that it is unrealistic. In a recent post on his social media platform, Moghalu emphasized the importance of the exchange rate reflecting its true market value.
Moghalu pointed out that the policies implemented during Godwin Emefiele’s tenure at the Central Bank created artificial conditions that were unsustainable. He argued that maintaining this artificiality only served to benefit speculators, leading to economic instability.
He stressed the need for Nigeria to shift its focus towards developing a robust manufacturing sector that can generate foreign exchange earnings beyond oil. Moghalu highlighted the importance of addressing the country’s energy challenges, particularly the inadequate power supply, as a crucial step towards achieving economic growth.
In his post, Moghalu highlighted the disparity between Nigeria’s current electricity generation capacity of less than 4,000 megawatts for a population of 200 million, compared to countries like South Africa and Brazil. He emphasized the potential of the Nigerian entrepreneurial spirit if adequate measures are taken to improve the power sector.
Overall, Moghalu’s message underscores the importance of realistic economic policies and sustainable development strategies to drive Nigeria’s economic growth and stability.
