Home » Business » The Dangers of a Strong Naira: Insights from Professor Kingsley Moghalu

The Dangers of a Strong Naira: Insights from Professor Kingsley Moghalu

by NaijNaira
0 comments
The Dangers of a Strong Naira Insights from Professor Kingsley Moghalu

Here Is The Easy Money-Making Trick Everyone Is Talking About! Learn More Here!

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.

This article was updated 10 months ago

BEFORE YOU GO...

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Copyright © – 2024 CIV DigiTech Media Ltd. All Rights Reserved