Former Deputy Governor of the Central Bank of Nigeria and the presidential candidate of the Young Progressives Party (YPP) in the 2019 presidential election, Kinglsey Moghlau has advised the President Bola Tinubu-led government on how what to do to strengthen the country’s weak currency.
His remark comes as the country’s currency continues to experience an unprecedented dip in the FX market.
The Nigerian Naira earlier traded at the Forex market as high as N1,150 to a dollar on Monday. Many financial expert had tied the development to President Tinubu’s decision to float the country’s currency.
However, Mr Moghalu, in a tweet via his official X handle on Wednesday, advised the federal government to focus on foundational and structural issues that have adversely affected the country’s economy.
“I certainly hope the plans by @cenbank and the @NigeriaGov for the Naira will be successful. But we must also focus on the foundational and structural issues that have adversely affected our country & economy for the past 40 years if the Naira is to be stable (which is different from being artificially strong) longer term,” Moghalu said.
The former apex bank boss further warned that the country’s ” macroeconomy will remain wobbly if they are not addressed.”
President Bola Tinubu led government has however continued to make effort at reviving the country’s currency after it significantly weakened against the dollar in the past days.
