Why Naira crisis is likely to get worse - Moghalu

Nigeria’s currency crisis will only get worse if the country fails to diversify but continues to rely on its crude oil driven mono-product economy, Kingsley Moghalu, a former deputy governor of the Central Bank of Nigeria, has said.Saturday, Mr Moghalu said the most important determinant of the value of the Naira is whether or not the Nigerian economy is productive and competitive in international trade.

The former presidential aspirant explained that diversification of the economy is not by trading cashew or yam tubers but by adopting value-added commodities that are products of serious engineering and innovations. Mr Moghalu’s remarks come amidst an unprecedented fall in value of the Naira, especially at the black market after the ban of forex sales to Bureaux De change operators by the CBN.

Fellow Nigerians lets listen hard to MoghaluKingsley or we will be heading towards an impending doom.

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Nigeria is in such a bad conditn. Pple are suffering. The prices of goods and services are triple. This political dispensat is the worst time of Nigerian political era. Politicians are busy migrating to the same govt. There's a problem. Something is wrong. Nig is a sinked ship.

As if we need this kind of useless headline to add more speculation pressure on the Naira. Timing is wrong

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