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>Nigerian leaders, on Sunday, honoured Nigeria’s military heroes and officers during the 2025 Armed Forces Remembrance Day</p>
<p>The post <a href="https://www.arise.tv/armed-forces-remembrance-day-nigerian-leaders-honour-military-personnel/">Armed Forces Remembrance Day: Nigerian Leaders Honour Military Personnel</a> appeared first on <a href="https://www.arise.tv">Arise News</a>.</p>
<p><img width="1000" height="600" src="https://www.naijanews.com/wp-content/uploads/2022/10/Arewa-Consultative-Forum-1024x768.jpg-1-1000x600.webp" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" decoding="async" fetchpriority="high" srcset="https://www.naijanews.com/wp-content/uploads/2022/10/Arewa-Consultative-Forum-1024x768.jpg-1-1000x600.webp 1000w, https://www.naijanews.com/wp-content/uploads/2022/10/Arewa-Consultative-Forum-1024x768.jpg-1-590x354.webp 590w, https://www.naijanews.com/wp-content/uploads/2022/10/Arewa-Consultative-Forum-1024x768.jpg-1-400x240.webp 400w" sizes="(max-width: 1000px) 100vw, 1000px" /></p>
<h2>The Arewa Movement for Good Governance, AM2G, has urged Nigerians to demand accountability from their leaders, stating that democracy is losing its meaning, value, and shine.</h2>
<p>The movement expressed disappointment that during the presentation of the 2024 budget, there were allegations that the budget box was empty, and the <a href="https://www.naijanews.com/topic/National-Assembly">National Assembly</a> failed to adequately address the accusation, aside from verbally dismissing it.</p>
<p><strong>Naija News</strong> reports that the Convener, Dr. Usman Bugaje, speaking during his address to journalists in Kaduna on Thursday regarding national issues, mentioned allegations that members were offered a certain amount in dollars to divert their attention from the budget and simply approved it, further corrupting the budget process.</p>
<p>He also referenced another allegation that the N160 million SUVs were part of a bribe to get the NASS members to rubber-stamp the budget.</p>
<p>Bugaje claimed that Senator Abdul Ningi's suspension after his accusation that the 2024 budget was padded seemed to be a reactionary measure that contradicted the principles of representation in a democracy.</p>
<p>According to him, this is an obvious attempt to avoid dealing with the raised issues.</p>
<p>“<em>It is also unfair for an issue of this magnitude to be swept under the carpet without a thorough investigation to prove beyond doubts to the Nigerian public, who ostensibly elected these Senators to represent them, that the Senators are not culpable.</em></p>
<p><em>“From the video clips shown by the media covering the National Assembly, we found it intriguing that after the suspension and as Senator Ningi was walking out of the chamber with the heap of evidence in his hands, no senator appeared to show any compunction</em>,” Bugaje lamented.</p>
<p>Bugaje criticized the Senate for its silence, suggesting a conspiracy. He noted the Senate's failure to act impartially regarding budget padding and lamented the stifling of evidence presentation.</p>
<p>He highlighted the crisis in Nigeria's democracy, citing its failure to foster development and its contribution to impoverishing citizens, pushing many below the poverty line and into multi-dimensional poverty.</p>
<p>According to him, “<em>Our democracy is not creating hope on the horizon for the teaming youth who cannot even go to school and those that managed to cannot find jobs.</em></p>
<p><em>“Our democracy is losing its meaning, losing its value and losing its luster. Our democracy is stripping of our dignity, of our honor and of our humanity.</em>”</p>
<p>The post <a href="https://www.naijanews.com/2024/03/21/our-democracy-is-losing-its-meaning-arewa-group-urges-nigerians-to-demand-accountability-from-leaders/">‘Our Democracy Is Losing Its Meaning’ – Arewa Group Urges Nigerians To Demand Accountability From Leaders</a> appeared first on <a href="https://www.naijanews.com">Naija News</a>.</p>
