Former Deputy Governor of the Central Bank of Nigeria, Kingsley Moghalu has taken to his social media page to react as the country’s currency exchanged at almost N1000 to a dollar on Wednesday.
Reacting to the continued poor performance of the naira at the exchange rate in a tweet on Wednesday evening, Mr Moghalu lamented that the country does not have the right macro-economic framework to inspire.
“The Naira just crashed to N983 to the $. Nigerian economy is a long way from inspiring confidence in investors and the markets. As US Deputy Secretary of the Treasury Wale Adeyemo had noted, we simply do not as yet have the right macroeconomic framework to inspire such confidence,” a tweet by Mr Moghalu read.
The former CBN deputy governor added that the country needs to fundamentally start over, citing governance processes and outlook as one of the main challenges, along with the independence of institutions.
His comment comes just as the country’s currency continues to perform poorly in the forex market. Checks by News About Nigeria with Aboki FX a parallel exchange market app indicated that the country’s currency exchanged at N985 to a dollar on Wednesday evening with the prospect of further increase.
News About Nigeria recalls that President Tinubu had while assuming office as the country’s president ended the multiple exchange rate regime.
While some applauded the president for the move, others said his decision would cause instabilities in the Nigerian market.
However, President Bola Tinubu had assured Nigerians that his economic policies would play a vital role in strengthening the value of the naira.
