Naira To Dollar At N400 Rate Unrealistic – Moghalu
<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>
A former Deputy Governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu, has criticized the notion that the naira will stabilize at N400 to the dollar.
The political economist deems the notion as unrealistic. Naija News reports that Moghalu expressed his viewpoint through a series of posts on his X account on Sunday. He wrote: “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 terms, the better.“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.”
<p><img width="951" height="485" src="https://www.naijanews.com/wp-content/uploads/2024/02/Police-Officers-rewarded.webp" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="Police To Promote Four Officers For Rejecting N8.5 Million Bribe From Suspected Bandit" decoding="async" fetchpriority="high" srcset="https://www.naijanews.com/wp-content/uploads/2024/02/Police-Officers-rewarded.webp 951w, https://www.naijanews.com/wp-content/uploads/2024/02/Police-Officers-rewarded-300x153.webp 300w, https://www.naijanews.com/wp-content/uploads/2024/02/Police-Officers-rewarded-768x392.webp 768w" sizes="(max-width: 951px) 100vw, 951px" /></p>
<h2>The Taraba State Command of the <a href="https://www.naijanews.com/topic/police" target="_blank" rel="noopener">Nigeria Police Force</a> has commended four mobile police officers for refusing N8.5 million bribe from a suspected bandit.</h2>
<p><strong>Naija News</strong> learnt that the officers were on a routine stop and search operation when they nabbed the suspected bandit and subsequently rejected the bribe he offered them.</p>
<p>The State Commissioner of Police, <strong>David Iloyalonomo,</strong> personally recognized and rewarded the officers at the Taraba State Police Command Headquarters.</p>
<p>During an interaction with journalists at the checkpoint, one of the officers involved in the arrest, Ngamarju Gambo, explained that their commitment to fighting corruption and maintaining peace in the country motivated them to reject the bribe.</p>
<p>He emphasized that they made it clear to the suspect that engaging in corrupt practices was not in line with the values of the Nigeria Police Force.</p>
<p>Iloyalonomo expressed his intention to recommend the officers to the Inspector General of Police, Kayode Egbetokun, for potential promotion and national recognition due to their exemplary conduct.</p>
<p>He identified the four mobile police officers as Inspr Difference Tih AP/NO 362424, Inspr Ngamarju Gambo AP/NO 362385, Inspr Usman Haruna AP/NO 246517 and Cpl Zarudeen Mamuda F/NO 517199</p>
<p><em>“The officers, while on patrol duty, intercepted a Toyota Starlet ash in colour with registration number YLA 321 ZY carrying three passengers,”</em> Channels Television quoted the CP saying.</p>
<p>He added: “<em>The officers, with their professional intuition, suspected without an iota of doubt the occupants of the vehicle, and upon questioning, the occupants could not give a satisfactory account of themselves.</em></p>
<p><i>“They were, therefore, ordered to alight from the vehicle, during which two of the passengers took to their heels and headed towards the nearby mountains, while one suspect was effectively restrained and arrested.</i></p>
<p><i>“A search was conducted in the vehicle, and the sum of eight million five hundred and fifty-five thousand nairas was recovered.</i></p>
<p><em>“The suspect offered the whole amount of money as a bribe for his freedom but was rejected by the good ambassadors of the Nigeria Police Force.”</em></p>
<p>The suspect, along with his accomplices, has been actively assisting the police in an ongoing investigation into a series of past kidnappings.</p>
<p>The police commissioner emphasized that once the investigations are concluded, the suspect and his associates will face charges in court for multiple offences, such as kidnapping, banditry, and attempting to bribe a law enforcement officer.</p>
<p>The post <a href="https://www.naijanews.com/2024/02/17/police-to-promote-four-officers-for-rejecting-n8-5-million-bribe-from-suspected-bandit/">Police To Promote Four Officers For Rejecting N8.5 Million Bribe From Suspected Bandit</a> appeared first on <a href="https://www.naijanews.com">Naija News</a>.</p>
Illinois Gov. JB Pritzker attributed President Donald Trump’s attacks on the growing influence of socialists within the Democratic Party to “dementia.” Pritzker’s remarks come after…
