Kingsley Moghalu, a former deputy governor of the Central Bank of Nigeria, has debunked the notion of aiming for a Naira-Dollar exchange rate of N400, stating that such aspirations are unrealistic.
In a post shared on his social media platform, Moghalu emphasized the need for the exchange rate to reflect its market value accurately, dismissing artificial measures that distort economic realities. He attributed these distortions to the policies implemented during Godwin Emefiele’s tenure at the Central Bank.
Highlighting the negative consequences of maintaining artificial exchange rates, Moghalu pointed out the opportunities it created for speculators to exploit, leading to detrimental effects on the economy.
Moghalu stressed the importance of transitioning towards a productive export economy, particularly one focused on value-added manufacturing. He underscored the critical role of reliable electricity supply in achieving this transition, citing the persisting challenge of inadequate power generation despite Nigeria's large population.
Emphasizing the need for pragmatic solutions over fantastical expectations, Moghalu urged a strategic focus on enhancing electricity generation capacity to unlock the full potential of Nigeria's entrepreneurial spirit and drive economic growth.
The former CBN deputy governor's remarks reflect a call for realistic economic policies aimed at addressing fundamental challenges and fostering sustainable development in Nigeria.
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