Some Nigerians who want the US dollar to be exchanged at ₦400 to the dollar have been warned by Professor Kingsley Moghalu, the former deputy governor of the Central Bank of Nigeria (CBN), that they are living in a dream world. CONTINUE FULL READING>>>>>
Prof. Moghalu went on to say that the Naira’s market value will be reflected in the negative effects of speculative attacks on its value, not the artificiality that former CBN Governor Godwin Emefiele introduced to appease politicians.
Professor Kingsley Moghalu went further and noted that Emefiele’s artificiality created room for “massive arbitrage by speculators,” who bled the economy of the country, thereby stating it clearly that Nigeria doesn’t have a productive economy.
The Former CBN Deputy Governor made this disclosure in a post he made on his official X handle on Sunday morning. He went on and reminded Nigerians that the country doesn’t have $100 million in foreign reserves.
In addition, Professor Kingsley Moghalu made it known that “it will take much time to regain or achieve full investors confidence, such as the country had when the Naira was being exchanged at ₦150 to a dollar.”
Some parts of his post read: “Those who want the Naira to be N400 to the $ are living in a dream world. Even discounting for the negative impact of speculative attacks on the value of the Naira, the exchange rate will (and should) reflect its market value in reality, not the artificiality that the Emefiele.” CONTINUE FULL READING>>>>>
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