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Former deputy governor of the Central Bank of Nigeria, Professor Kingsley Moghalu, has warned of the dangers of making the naira too strong against foreign currencies.
While speaking on Arise TV, Moghalu explained that a stronger naira could lead to Nigeria becoming import dependent, as it would make importation cheaper and affect competition between local and foreign products.
He emphasized the need for trade reforms to make Nigeria’s economy more competitive and productive, citing China’s example of engaging in competitive devaluation to make their goods cheaper for foreigners to buy.
Moghalu cautioned that the economy should serve the people, and not just businesses seeking profit.
As of June 22, 2023, the naira continued its free fall against the US dollar, losing N1.76 or 0.26% of its value to close at N765.13/$1.
