Last week at #BoFVOICES 2023, The Business of Fashion’s annual gathering for big thinkers, trailblazers of the global fashion industry gathered at Soho Farmhouse in Oxfordshire, joining thought leaders, entrepreneurs and inspiring people shaping the wider world.
As BoF’s automotive partner for the event, Porsche platforms three female entrepreneurs within this community to discover what drives their success.
To open the series, we speak to Omoyemi Akerele, founder and CEO of Lagos Fashion Week and Style House Files. As one of the driving forces behind Nigeria’s burgeoning fashion industry, Akerele works with brands on image, creative direction and brand positioning, helping to gain international exposure.
<p><img width="1000" height="600" src="https://www.naijanews.com/wp-content/uploads/2021/10/Kingsley-Moghalu-1000x600.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="'There Is Real Problem' - Moghalu Reacts To New World Bank Loan, Vehicles For Lawmakers" decoding="async" fetchpriority="high" srcset="https://www.naijanews.com/wp-content/uploads/2021/10/Kingsley-Moghalu-1000x600.png 1000w, https://www.naijanews.com/wp-content/uploads/2021/10/Kingsley-Moghalu-590x354.png 590w, https://www.naijanews.com/wp-content/uploads/2021/10/Kingsley-Moghalu-400x240.png 400w" sizes="(max-width: 1000px) 100vw, 1000px" /></p>
<h2>A former Deputy Governor of the Central Bank of Nigeria (<a href="https://www.naijanews.com/topic/cbn/" target="_blank" rel="noopener">CBN</a>), Kingsley Moghalu, has criticized the notion that the naira will stabilize at N400 to the dollar.</h2>
<p>The political economist deems the notion as unrealistic.</p>
<p><strong>Naija News</strong> reports that Moghalu expressed his viewpoint through a series of posts on his X account on Sunday.</p>
<p>He wrote: <em>“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.</em></p>
<p><em>“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.</em></p>
<p><em>“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 $).</em></p>
<p><em>“The sooner we focus on a painstaking creation of value-added manufacturing export economy that earns forex beyond oil in real and significant terms, the better.</em></p>
<p><em>“Key to this is the electricity conundrum in which we are at less than 4,000MW 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.”</em></p>
<p>The post <a href="https://www.naijanews.com/2024/03/24/naira-to-dollar-at-n400-rate-unrealistic-moghalu/">Naira To Dollar At N400 Rate Unrealistic – Moghalu</a> appeared first on <a href="https://www.naijanews.com">Naija News</a>.</p>
Sir Keir Starmer, the UK’s new prime minister, brings an impressive CV: barrister, former director of public prosecutions and ex-shadow Brexit secretary. An establishment insider…
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