A former Deputy Governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu, has rubbished the optimism in some quarters that the US dollar could still be exchanged for N400.
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He further stated that the country’s foreign reserve was not up to $100 billion, so the forex rate wouldn’t return to normalcy soon as it would take time to regain investors’ confidence in the forex market as in the past.
Moghalu argued that efforts should be made to build a manufacturing export economy that would generate genuine and substantial foreign exchange earnings apart from oil while noting that the stumbling block was the epileptic power supply in the country.
Fatimah Quadri is a Journalist and a Fact-checker at The ICIR. She has written news articles, fact-checks, explainers, and media literacy in an effort to combat information disorder.
She can be reached at sunmibola_q on X or fquadri@icirnigeria.org