A former presidential candidate and political economist, Kingsley Moghalu, has stated that it would be difficult for the naira to return to ₦400 to the dollar. He made this known through his official Twitter (X) handle.
“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,” he wrote.
He said that the artificiality created by the Emefiele era gave room for massive arbitrage by speculators, which had a negative impact on the economy. He said that the root cause of the problem is the fact that Nigeria does not have a productive export economy.
Moghalu said it would take time to regain the investor confidence we had when the naira was trading at 150-165 to the dollar. He also complained that Nigeria does not have $100 billion in foreign reserves.
