Nigeria’s Economic Crisis Deep, Beyond Exchange Rate – Moghalu Explains

A former Deputy Governor of the Central Bank of Nigeria, Kingsley Moghalu argues that Nigeria’s economic crisis is beyond the exchange rate crisis currently being combated by the President Bola Tinubu led government.

Making this suggestion in a post on his official X account, Moghalu who cleared that he was not making a cacophony of postulation argued that the exchange rate crisis was simply a symptom of the country’s ailment and not the ailment itself.

CityNews Nigeria reports that his comment comes as President Tinubu intensify efforts to revive the country’s plummeting currency as the economy continues to deteriorate less than a year into his administration.

However, suggesting that the the country’s economic challenge was way beyond the forex crisis, Moghalu wrote, “President @officialABAT has asked Nigerians to avoid “a cacophony of postulations” about our exchange rate crisis and allow @cenbank do its job. “Not everyone can be an expert” the President said. Well, I am an expert, but let me refrain from a cacophony of postulations here.

“I continue to wish our central bank success in a challenging task, but let me just “postulate” briefly that Nigeria’s economic crisis is deep, and goes well beyond the exchange rate which is simply a symptom of maladies and not the malady itself.”