Prof. Kingsley Moghalu, a former Deputy Governor of the Central Bank of Nigeria, emphasized that the restoration of the naira’s strength is contingent on Nigeria’s transformation into an export-driven economy. He made this statement during the 29th annual Nigerian Economic Summit held in Abuja, which focused on sustainable economic transformation and inclusion.
Moghalu underscored the need for a long-term approach to address the depreciation of the Nigerian currency. He stated, “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.”
He further explained, “The only way you can fix the naira is that the Nigerian economy needs to become a productive export-driven economy.” However, Moghalu expressed his concern that a comprehensive plan with specific targets to achieve this transformation has not been developed.
He also mentioned that confidence is a significant factor affecting the naira, and measures to clear issues such as backlogs are crucial in restoring trust in the currency. Moghalu’s comments highlight the importance of shifting Nigeria’s economic focus towards exports as a means to strengthen the naira.