Former Deputy Governor of the Central Bank of Nigeria (CBN) and YPP Presidential candidate in 2019, Prof Kingsley Moghalu has expressed the ‘only’ solution to the Naira crisis.
He stated that the naira can only be strong again if Nigeria becomes an export-driven economy.
Moghalu revealed this on Monday during the 29th edition of the annual Nigerian Economic Summit held in Abuja.
This year’s edition was tagged ‘Pathways to Sustainable Economic and Transformation and Inclusion’.
In response to a query on how to stop the naira’s wild decline, Moghalu stated that the solution to the naira’s problem should be long-term.
He said: “The way to fix the naira has problems is a combination of things. Some of them are short-term, but let me start with the long-term because we’ve been trying to fix the problem of the naira for a long, long time. It’s just been getting worse,” Moghalu said.
“The only way you can fix the naira is that the Nigerian economy needs to become a productive export-driven economy,” he affirmed.
The political economist, however, lamented that the country has not devised a robust plan to make the naira strong.
“I can’t say this enough and I’m not the only one who’s saying it. But up till today, we have not seen a comprehensive plan with targets to achieve this,” he said.
“And even when plans are made, they are not always as informed as they should be. But I don’t know if you heard the President today because I heard him talking about clearing the backlog and doing all of this.
“You see. I mean, it’s important to clear those battles because one of the problems and a major problem that is affecting the naira is confidence.”