Kingsley Moghalu, a former presidential candidate and political economist, has recently shared his thoughts on the naira’s current value, stating that it would be challenging for it to return to ₦400 to the dollar. He conveyed this message via his official Twitter account (X).
In his tweet, he mentioned that the exchange rate should reflect its market value in reality, and not the artificiality that the central bank maintained during the Emefiele era to please economic illiterates in political power at the time. He also attributed the negative impact on the economy to the massive arbitrage by speculators that the artificiality created.
According to Moghalu, Nigeria’s lack of a productive export economy is the root cause of this issue. He also added that it would take some time to regain the investor’s confidence that Nigeria had when the naira was trading at 150-165 to the dollar. Additionally, he highlighted the fact that Nigeria does not have $100 billion in foreign reserves.
