NewStats: 3,262,049 , 8,175,970 topics. Date: Saturday, 31 May 2025 at 04:29 PM 2z211j

A former deputy governor of the Central Bank of Nigeria, Kingsley Moghalu, has said that those who want the Naira to be N400 to the Dollar are living in a dream world.

According to him, the exchange rate should reflect its market value in reality.

Moghalu claimed that Godwin Emefiele’s era at the Central Bank created artificiality that it sought to maintain to please economic illiterates in political power at the time.

Moghalu, who made this known in a post on his X handle on Sunday, insisted that artificiality created room for massive arbitrage by speculators which bled the economy.

He suggested that the sooner the country focused on the creation of value-added manufacturing export economy that earned forex beyond oil in real and significant , the better.

He said: “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 era central bank sought to maintain to please economic illiterates in political power at the time.

“That artificiality created room for massive arbitrage by speculators which bled the economy. Nigeria does not (yet) have a productive export economy. That’s the heart of the matter.

“And we do not have $100 billion in foreign reserves. So on what basis would the Naira forex rate return to some fantasy land soon? It will also take time to regain or achieve full investor confidence such as we had when we were there (and the rate was N150-165 to the $.

“The sooner we focus on a painstaking creation of value-added manufacturing export economy that earns forex beyond oil in real and significant , the better. Key to this is the electricity conundrum in which we are at less than 4,000 megawatts of generation for a population of 200 million for decades now.

“Take power to even 20K megawatts (let’s not talk of 50K for South Africa’s 60 million population or Brazil’s 181K megawatts for a population only slightly larger than Nigeria) and you will see what the Nigerian entrepreneurial spirit is capable of.”

Source: https://dailypost.ng/2024/03/24/those-who-want-naira-to-be-n400-to-dollar-are-living-in-dream-world-moghalu/

Similarly, cursed enemies of Nigeria who want Dollar to be 3000 at the end of March are foolish dreamers.

All the previous government were coward and spending billions to defend Naira

Only a buoyant economist like Asiwaju that has the merit to face the challenges of flowing Naira and design the economy policies that will place Nigeria among the great nations

No pain, no gain.

Thank God the storm getting cool gradually

Richtaiwo:
Similarly, cursed enemies of Nigeria who want Dollar to be 3000 at the end of March are foolish dreamers.

Citizens propose, govt dispose.
If govt in her incompetence cannot checkmate the free fall of naira, pls don't call those of us anticipating for it to fall enemy of the state,

If engineers pray for sun and farmers pray for rain, who is the evil one among both?

They are not. If we can move to export and earn forex well enough. Imagine exporting petrol diesel chocolate rice cassava furnitures gas and minerals. It can reach N100 to a dollar in a few years.

kereman1:


Citizens propose, govt dispose.
If govt in her incompetence cannot checkmate the free fall of naira, pls don't call those of us anticipating for it to fall enemy of the state,

If engineers pray for sun and farmers pray for rain, who is the evil one among both?

You are enemy and even saboteurs

Majority of you were crying when NRX wan banned on Binance and this got me shocked


The platform that contribute the inflation was placed on ban and the unpatriotic elements started crying even Pandora Obituary couldn't hold the frustration

When the Naira was close to N2000 par dollar we saw as you became happy and even went ahead to forecast N3000 in a month

Tell me if you will wish such terrible economy predicament for your Biafra if you eventually get it

Ola9ja23:


You are enemy and even saboteurs

Majority of you were crying when NRX wan banned on Binance and this got me shocked


The platform that contribute the inflation was placed on ban and the unpatriotic elements started crying even Pandora Obituary couldn't hold the frustration

When the Naira was close to N2000 par dollar we saw how happy

Olawale, olamide, olaitan or whatever Ola you call yourself, I'm not the cause of your misfortunes, in Nigeria u need not be a spectator, be a player.

Ola9ja23:
All the previous government were coward and spending billions to defend Naira

Only a buoyant economist like Asiwaju that has the merit to face the challenges of flowing Naira and design the economy policies that will place Nigeria among the great nations

No pain, no gain.

Thank God the storm getting cool gradually

Some people Sha

Anyway, we have seen the pain, where's the gain?

Ola9ja23:
All the previous government were coward and spending billions to defend Naira

Only a buoyant economist like Asiwaju that has the merit to face the challenges of flowing Naira and design the economy policies that will place Nigeria among the great nations

No pain, no gain.

Thank God the storm getting cool gradually

Tinubu has started paying petrol subsidy secretly. He has started to defend naira with billions of dollars.

Yeye economist that said statistics are not useful.

Great100000:


Kikiki... 😁😆😅😄🤣😂

kereman1:


Olawale, olamide, olaitan or whatever Ola you call yourself, I'm not the cause of your misfortunes, in Nigeria u need not be a spectator, be a player.

Your ignorance speaks volumes.
For every single action we take as a citizen it reflects on our economy.
If you like buy and hold Dollar or start importing thousands of containers, we are in it together and our people will be at the receiving end

MasterJayJay:


Tinubu has started paying petrol subsidy secretly. He has started to defend naira with billions of dollars.

Yeye economist that said statistics are not useful.

Lack of knowledge is a disease

How would be defending Naira and you still see the currency gowing up and down every day

Ola9ja23:


Lack of knowledge is a disease

How would be defending Naira and you still see the currency gowing up and down every day

Dey ask babablu question.

MasterJayJay:


Tinubu has started paying petrol subsidy secretly. He has started to defend naira with billions of dollars.

Yeye economist that said statistics are not useful.

Mention the names of those collecting the subsidy and also tell us how much he has spent to defend the naira. Moghalu is educating you here yet the wailing demon in you will never learn. Your type are the ones he referred to as "economic illiterates".

Putindbutt:

Mention the names of those collecting the subsidy and also tell us how much he has spent to defend the naira. Moghalu is educating you here yet the wailing demon in you will never learn. Your type are the ones he referred to as "economic illiterates".

Novice that don't know that NNPC owned by government is the sole importer of petrol.

Anyone that has a brain will ask why price of diesel is increasing and that of petrol has remain the same.

The economic illiterates are APC ers who said 216 naira to 1 dollar is very bad, that it should be 1 dollar to 1 naira. These same APC economic illiterates want Tinubu to get Nobel prize for economics because 1 dollar is 1,400 naira.

Nigeria is not going to defend naira with dollars again.

MasterJayJay:


Novice that don't know that NNPC owned by government is the sole importer of petrol.

Anyone that has a brain will ask why price of diesel is increasing and that of petrol has remain the same.

The economic illiterates are APC ers who said 216 naira to 1 dollar is very bad, that it should be 1 dollar to 1 naira.

So, if NNPC a govt agency is the sole importer of fuel, then who are those collecting the subsidy?

chopnaira:
Nigeria is not going to defend naira with dollars again.

No more artificial value.

Richtaiwo:
Similarly, cursed enemies of Nigeria who want Dollar to be 3000 at the end of March are foolish dreamers.

They are ipobidients. Those who believe someone who came third is the actual winner.
Delusional cool aid guzzling zoneBs

It can happen, but not this year

Putindbutt:

So, if NNPC a govt agency is the sole importer of fuel, then who are those collecting the subsidy?

Pls stop replying that senseless guy. You are making him look sensible.

Silence is the best answer for his type.

Godfullsam:

Pls stop replying that senseless guy. You are making him look sensible.
Silence is the best answer for his type.

Sometimes you wonder what comes out of their brain.

Richtaiwo:
Similarly, cursed enemies of Nigeria who want Dollar to be 3000 at the end of March are foolish dreamers.

They are the enemies of Nigeria also known as emergency lovers of Nigeria aka IPOB.

Richtaiwo:
Similarly, cursed enemies of Nigeria who want Dollar to be 3000 at the end of March are foolish dreamers.

Tinubu even encouraged Buhari to print more naira. This shows that the economic illiteracy is at the head of the current regime.

Anyway, no wonder Obi claimed he could get the naira to the 500 - 1 dollar level. He obviously knew it may be a tough ask to get it to the 400 - 1 dollar level.

Obi is their father.

Putindbutt:

So, if NNPC a govt agency is the sole importer of fuel, then who are those collecting the subsidy?

Godfullsam:


Pls stop replying that senseless guy. You are making him look sensible.

Silence is the best answer for his type.

Putindbutt:

Sometimes you wonder what comes out of their brain.

If you refuse to be smart with your smartphone, your IQ will keep depreciating.

Stop asking dumb questions. NNPC said last year that government is owing them subsidy payments. https://www.thecable.ng/fg-owes-nnpc-n2-8trn-spent-on-petrol-subsidy-says-kyari

Who was collecting then? Dey ask babablu questions.

OfoIgbo:


Tinubu even encouraged Buhari to print more naira. This shows that the economic illiteracy is at the head of the current regime.

Anyway, no wonder Obi claimed he could get the naira to the 500 - 1 dollar level. He obviously knew it may be a tough ask to get it to the 400 - 1 dollar level.

Obi is their father.

You mean the father of ipobidients? Because how a fraudster who increased the poverty level of a state by 75% suddenly became the only godsent economic messiah still beats me.

Richtaiwo:

You mean the father of ipobidients? Because how a fraudster who increased the poverty level of a state by 75% suddenly became the only godsent economic messiah still beats me.

Well, he was a part of the economic team led by Okonjo Iweala, that made Nigeria the largest economy in Africa.

That definitely deserves kudos.

Richtaiwo:

You mean the father of ipobidients? Because how a fraudster who increased the poverty level of a state by 75% suddenly became the only godsent economic messiah still beats me.

I all the insult wey the man dey chop for impoverishing Anambra. He even took it further by broke shaming them saying education in Anambra is not for the poor.

MasterJayJay:




If you refuse to be smart with your smartphone, your IQ will keep depreciating.

Stop asking dumb questions. NNPC said last year that government is owing them subsidy payments. https://www.thecable.ng/fg-owes-nnpc-n2-8trn-spent-on-petrol-subsidy-says-kyari

Who was collecting then? Dey ask babablu questions.

What is the point of the useless article you posted?, how does it answer the question. This was May 30, a day after Tinubu took over and announced an end to subsidy.

MasterJayJay:




If you refuse to be smart with your smartphone, your IQ will keep depreciating.

Stop asking dumb questions. NNPC said last year that government is owing them subsidy payments. https://www.thecable.ng/fg-owes-nnpc-n2-8trn-spent-on-petrol-subsidy-says-kyari

Who was collecting then? Dey ask babablu questions.

Illiteracy is dangerous. A report on subsidy payment on 30th May 2023, barely a day after subsidy removal was announced is now a reference point. As someone pointed out above, some arguments are just waste of useful time, especially when the literacy level of a party is very low.

OfoIgbo:


Well, he was a part of the economic team led by Okonjo Iweala, that made Nigeria the largest economy in Africa.

That definitely deserves kudos.

So what was his contribution in that team? What stopped from applying his economic prowess in Anambra?

Putindbutt:

What is the point of the useless article you posted?, how does it answer the question. This was May 30, a day after Tinubu took after and announced an end to subsidy.

Richtaiwo:

Illiteracy is dangerous. A report on subsidy payment on 30th May 2023, barely a day after subsidy removal was announced is now a reference point. As someone pointed out above, some arguments are just waste of useful time, especially when the literacy level of a party is very low.

The problem with people like you is unstable comprehension and babablu.

You asked 'So, if NNPC a govt agency is the sole importer of fuel, then who are those collecting the subsidy?'

I posted the article that prove that NNPC has the power to collect subsidy. Of course, they won't it publicly that they are currently receiving subsidy.

Test to show if your brain is working: If imported diesel keeps increasing in price, why is imported petrol not increasing in price?