Former Deputy Governor of the Central Bank of Nigeria and 2019 Young Progressives Party (YPP) presidential candidate, Kingsley Moghalu, has offered advice to the government led by President Bola Tinubu on strengthening the nation’s weakened currency.
The Nigerian Naira recently reached as high as N1,150 to a dollar in the Forex market, with many financial experts attributing this to President Tinubu’s decision to float the country’s currency. However, Moghalu, in a tweet from his official account, emphasized the importance of addressing foundational and structural issues that have negatively impacted the country’s economy.
Moghalu stated, “I certainly hope the plans by @cenbank and the @NigeriaGov for the Naira will be successful. But we must also focus on the foundational and structural issues that have adversely affected our country & economy for the past 40 years if the Naira is to be stable (which is different from being artificially strong) longer term.”
He cautioned that the country’s macroeconomy would continue to be unstable if these issues are not addressed.
Despite the recent challenges, President Bola Tinubu’s government is actively working to restore the strength of the country’s currency.
