Naira will fall from N570/$1 to N400/$1 at black market if… – CBN ex-deputy gov, Moghalu
A former Deputy Governor of the Central Bank of Nigeria, Kingsley Moghalu, says the value of the naira will fall from N570/$1 to N400/$1 at the parallel market if there is a massive rush of dollars into the Nigerian market through export earnings.
The downward trend of the naira had fueled calls for the sacking or resignation of the CBN Governor, Godwin Emefiele, by some political groups including the Peoples Democratic Party. They blamed Emefiele, who has been CBN governor since June 2014, for poor monetary policies.
However, speaking on Thursday, Moghalu blamed the downward trend of the naira on the activities of speculators and the lack of autonomy of the apex bank.‘Apex bank not autonomous’When asked how he and Sanusi stabilised the naira against the dollar for years, Moghalu told
PUNCH Liveconfidenceduring the period.The CBN ex-deputy governor, however, lamented that the CBN has lost its autonomy to the political class and has little or no investors’ confidence.According to the former presidential candidate of the Young Progressive Party in the 2019 election, the government of the day does not respect the independence of the CBN and it becomes a choice for whoever is the governor whether to play along or assert his or her independence and bear whatever cost given the kinds of political leaders that are in the country. headtopics.com
The PUNCHhad earlier reported that the CBN in July stopped selling forex to Bureau De Change operators and asked legitimate travellers to approach the banks to access cheap forex but the banks have been inundated with fake demands.Emefiele had said that the BDCs defeated their purpose of existence to provide forex to retail users and had become wholesale and illegal dealers.
Asked whether the stoppage of forex sales BDCs was the cause of the downward trend of the naira in recent weeks, Moghalu said the CBN should not have sold FX to the BDCs in the first instance.“A Central Bank supplying foreign exchange to BDCs is very odd, Nigeria must be the only country or one of the very few countries that does that. It is only part of the wider problem.
“Statism is killing the Nigerian economy, the government interferes too much in the market and in that process, distorts the markets and the Nigerian citizen suffers,” he said, adding that the sale of FX to the BDC encourage hoarding, roundtripping and exploitative tendencies by those who do not need FX but who have access to it.
He also said that the presidential order directing theCBN not to release moneyfor food importation including heavily consumed commodities like milk was part of the problem of the rising demand for forex because the country does not produce sufficient milk whereas there is a high demand for the product amongst Nigerians. headtopics.com
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So where do we start from to help naira appreciate? Prof. Swing the magic wand 🪄 now. Help ya County people. Naira will appreciate or naira will fall, abeg I no go school somebody should correct me and punch newspaper. Quota system journalists everywhere ndi ara FreeNnamdiKanuNow FreeNnamdiKanuNow FreeNnamdiKanuNow FreeNnamdiKanuNow FreeNnamdiKanuNow FreeNnamdiKanuNow
You can pass the IELTS exam in flying colours and get a permanent residency to Canada. DM for details on the high score formula for passing the IELTS exam Hmmmmmm Wow… rocket science…the margin is big business for Emefiele and his cabal… all these pronouncements are good for their business! We all know that any economy is all about demand and supply (ECON 101). Now, where will the massive rush of dollars to the economy come from, when Nigeria is borrowing left, right and center? Mr. Moghalu, abeg no teach us nonsense!!!
Source : believe me bro. Na mango🤔 Take ur yeye advice go try one Local Govt area Nna.Why u dey worry ur life like this ehhh😂😂Ok may be u dey collect some donations sha. U have never been CBN boss b4. U dey there Sanusi went out as Gov then Came back as CBN gov yet u were not invited too ask ur self Y naa
And you think that Is good enough for our economy. Need a brain check
FX crisis: How I and Sanusi stabilised the naira for five years – CBN ex-deputy gov, MoghaluA former Deputy Governor of the Central Bank of Nigeria, Kingsley Moghalu, has narrated how the apex bank stabilised the naira against the dollar for five years from 2009 to 2014. 😂😂😂 How Sanusi and I, point of correction MoghaluKingsley Where you not part of the idiot that invent rubber currency n coins we never used?
IF I tell u say I love u ooo My boby my money Na ur own oo baby Your headline is fraught. You can do better . It should be Naira will appreciate not 'Naira will fall' Keep on tweeting
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Naira slides amidst CBN’s assurance of increasing forex supplyThe naira slide to N575 on Thursday despite assurances by the Central Bank of Nigeria that there is sufficient foreign exchange to meet the legitimate needs of Nigerians. Unless, the price of oil increases in the international markets, other exports, reductions in none essential imports, medical tourism to mention a few, the Naira is not likely to get a break.The decision on BDCs came very late but it's okay
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