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Those Who Want Naira To Be N400 To Dollar Are Living In Dream World – Moghalu - Politics - Nairaland

Nairaland ForumNairaland GeneralPoliticsThose Who Want Naira To Be N400 To Dollar Are Living In Dream World – Moghalu (2770 Views)

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Those Who Want Naira To Be N400 To Dollar Are Living In Dream World – Moghalu by Great100000(op): 3:38pm On Mar 24, 2024
A former deputy governor of the Central Bank of Nigeria, Kingsley Moghalu, has said that those who want the Naira to be N400 to the Dollar are living in a dream world.

According to him, the exchange rate should reflect its market value in reality.

Moghalu claimed that Godwin Emefiele’s era at the Central Bank created artificiality that it sought to maintain to please economic illiterates in political power at the time.

Moghalu, who made this known in a post on his X handle on Sunday, insisted that artificiality created room for massive arbitrage by speculators which bled the economy.

He suggested that the sooner the country focused on the creation of value-added manufacturing export economy that earned forex beyond oil in real and significant terms, the better.

He said: “Those who want the Naira to be N400 to the $ are living in a dream world. Even discounting for the negative impact of speculative attacks on the value of the Naira, the exchange rate will (and should) reflect its market value in reality, not the artificiality that the Emefiele era central bank sought to maintain to please economic illiterates in political power at the time.

“That artificiality created room for massive arbitrage by speculators which bled the economy. Nigeria does not (yet) have a productive export economy. That’s the heart of the matter.

“And we do not have $100 billion in foreign reserves. So on what basis would the Naira forex rate return to some fantasy land soon? It will also take time to regain or achieve full investor confidence such as we had when we were there (and the rate was N150-165 to the $.


“The sooner we focus on a painstaking creation of value-added manufacturing export economy that earns forex beyond oil in real and significant terms, the better. Key to this is the electricity conundrum in which we are at less than 4,000 megawatts of generation for a population of 200 million for decades now.

“Take power to even 20K megawatts (let’s not talk of 50K for South Africa’s 60 million population or Brazil’s 181K megawatts for a population only slightly larger than Nigeria) and you will see what the Nigerian entrepreneurial spirit is capable of.”


Source: https://dailypost.ng/2024/03/24/those-who-want-naira-to-be-n400-to-dollar-are-living-in-dream-world-moghalu/

Re: Those Who Want Naira To Be N400 To Dollar Are Living In Dream World – Moghalu by Richtaiwo(m): 3:39pm On Mar 24, 2024
Similarly, cursed enemies of Nigeria who want Dollar to be 3000 at the end of March are foolish dreamers.
Re: Those Who Want Naira To Be N400 To Dollar Are Living In Dream World – Moghalu by Ola9ja23: 3:46pm On Mar 24, 2024
All the previous government were coward and spending billions to defend Naira

Only a buoyant economist like Asiwaju that has the merit to face the challenges of flowing Naira and design the economy policies that will place Nigeria among the great nations

No pain, no gain.

Thank God the storm getting cool gradually
Re: Those Who Want Naira To Be N400 To Dollar Are Living In Dream World – Moghalu by kereman1: 3:46pm On Mar 24, 2024
Richtaiwo:
Similarly, cursed enemies of Nigeria who want Dollar to be 3000 at the end of March are foolish dreamers.
Citizens propose, govt dispose.
If govt in her incompetence cannot checkmate the free fall of naira, pls don't call those of us anticipating for it to fall enemy of the state,

If engineers pray for sun and farmers pray for rain, who is the evil one among both?
Re: Those Who Want Naira To Be N400 To Dollar Are Living In Dream World – Moghalu by CodeTemplar:
They are not. If we can move to export and earn forex well enough. Imagine exporting petrol diesel chocolate rice cassava furnitures gas and minerals. It can reach N100 to a dollar in a few years.
Re: Those Who Want Naira To Be N400 To Dollar Are Living In Dream World – Moghalu by Ola9ja23: 3:56pm On Mar 24, 2024
kereman1:
Citizens propose, govt dispose.
If govt in her incompetence cannot checkmate the free fall of naira, pls don't call those of us anticipating for it to fall enemy of the state,

If engineers pray for sun and farmers pray for rain, who is the evil one among both?
You are enemy and even saboteurs

Majority of you were crying when NRX wan banned on Binance and this got me shocked


The platform that contribute the inflation was placed on ban and the unpatriotic elements started crying even Pandora Obituary couldn't hold the frustration

When the Naira was close to N2000 par dollar we saw as you became happy and even went ahead to forecast N3000 in a month

Tell me if you will wish such terrible economy predicament for your Biafra if you eventually get it
Re: Those Who Want Naira To Be N400 To Dollar Are Living In Dream World – Moghalu by kereman1: 4:01pm On Mar 24, 2024
Ola9ja23:
You are enemy and even saboteurs

Majority of you were crying when NRX wan banned on Binance and this got me shocked


The platform that contribute the inflation was placed on ban and the unpatriotic elements started crying even Pandora Obituary couldn't hold the frustration

When the Naira was close to N2000 par dollar we saw how happy
Olawale, olamide, olaitan or whatever Ola you call yourself, I'm not the cause of your misfortunes, in Nigeria u need not be a spectator, be a player.
Re: Those Who Want Naira To Be N400 To Dollar Are Living In Dream World – Moghalu by HenryTimes:
Ola9ja23:
All the previous government were coward and spending billions to defend Naira

Only a buoyant economist like Asiwaju that has the merit to face the challenges of flowing Naira and design the economy policies that will place Nigeria among the great nations

No pain, no gain.

Thank God the storm getting cool gradually
Some people Sha grin grin

Anyway, we have seen the pain, where's the gain?
Re: Those Who Want Naira To Be N400 To Dollar Are Living In Dream World – Moghalu by MasterJayJay: 4:07pm On Mar 24, 2024
Ola9ja23:
All the previous government were coward and spending billions to defend Naira

Only a buoyant economist like Asiwaju that has the merit to face the challenges of flowing Naira and design the economy policies that will place Nigeria among the great nations

No pain, no gain.

Thank God the storm getting cool gradually
Tinubu has started paying petrol subsidy secretly. He has started to defend naira with billions of dollars.

Yeye economist that said statistics are not useful.
Re: Those Who Want Naira To Be N400 To Dollar Are Living In Dream World – Moghalu by ganisucks(f): 4:11pm On Mar 24, 2024
Great100000:
Kikiki... 😁😆😅😄🤣😂

Re: Those Who Want Naira To Be N400 To Dollar Are Living In Dream World – Moghalu by Ola9ja23: 4:12pm On Mar 24, 2024
kereman1:
Olawale, olamide, olaitan or whatever Ola you call yourself, I'm not the cause of your misfortunes, in Nigeria u need not be a spectator, be a player.
Your ignorance speaks volumes.
For every single action we take as a citizen it reflects on our economy.
If you like buy and hold Dollar or start importing thousands of containers, we are in it together and our people will be at the receiving end
Re: Those Who Want Naira To Be N400 To Dollar Are Living In Dream World – Moghalu by Ola9ja23: 4:14pm On Mar 24, 2024
MasterJayJay:
Tinubu has started paying petrol subsidy secretly. He has started to defend naira with billions of dollars.

Yeye economist that said statistics are not useful.
Lack of knowledge is a disease

How would be defending Naira and you still see the currency gowing up and down every day
Re: Those Who Want Naira To Be N400 To Dollar Are Living In Dream World – Moghalu by MasterJayJay: 4:16pm On Mar 24, 2024
Ola9ja23:
Lack of knowledge is a disease

How would be defending Naira and you still see the currency gowing up and down every day
Dey ask babablu question.
Re: Those Who Want Naira To Be N400 To Dollar Are Living In Dream World – Moghalu by Putindbutt(m): 4:17pm On Mar 24, 2024
MasterJayJay:
Tinubu has started paying petrol subsidy secretly. He has started to defend naira with billions of dollars.

Yeye economist that said statistics are not useful.
Mention the names of those collecting the subsidy and also tell us how much he has spent to defend the naira. Moghalu is educating you here yet the wailing demon in you will never learn. Your type are the ones he referred to as "economic illiterates".
Re: Those Who Want Naira To Be N400 To Dollar Are Living In Dream World – Moghalu by MasterJayJay:
Putindbutt:
Mention the names of those collecting the subsidy and also tell us how much he has spent to defend the naira. Moghalu is educating you here yet the wailing demon in you will never learn. Your type are the ones he referred to as "economic illiterates".
Novice that don't know that NNPC owned by government is the sole importer of petrol.

Anyone that has a brain will ask why price of diesel is increasing and that of petrol has remain the same.

The economic illiterates are APC supporters who said 216 naira to 1 dollar is very bad, that it should be 1 dollar to 1 naira. These same APC economic illiterates want Tinubu to get Nobel prize for economics because 1 dollar is 1,400 naira.

Re: Those Who Want Naira To Be N400 To Dollar Are Living In Dream World – Moghalu by chopnaira: 4:21pm On Mar 24, 2024
Nigeria is not going to defend naira with dollars again.
Re: Those Who Want Naira To Be N400 To Dollar Are Living In Dream World – Moghalu by Putindbutt(m): 4:26pm On Mar 24, 2024
MasterJayJay:
Novice that don't know that NNPC owned by government is the sole importer of petrol.

Anyone that has a brain will ask why price of diesel is increasing and that of petrol has remain the same.

The economic illiterates are APC supporters who said 216 naira to 1 dollar is very bad, that it should be 1 dollar to 1 naira.
So, if NNPC a govt agency is the sole importer of fuel, then who are those collecting the subsidy?
Re: Those Who Want Naira To Be N400 To Dollar Are Living In Dream World – Moghalu by Putindbutt(m): 4:33pm On Mar 24, 2024
chopnaira:
Nigeria is not going to defend naira with dollars again.
No more artificial value.
Re: Those Who Want Naira To Be N400 To Dollar Are Living In Dream World – Moghalu by ElSudani: 4:34pm On Mar 24, 2024
Richtaiwo:
Similarly, cursed enemies of Nigeria who want Dollar to be 3000 at the end of March are foolish dreamers.
They are ipobidients. Those who believe someone who came third is the actual winner.
Delusional cool aid guzzling zoneBs
Re: Those Who Want Naira To Be N400 To Dollar Are Living In Dream World – Moghalu by Paraman: 4:34pm On Mar 24, 2024
It can happen, but not this year
Re: Those Who Want Naira To Be N400 To Dollar Are Living In Dream World – Moghalu by Godfullsam(m): 4:42pm On Mar 24, 2024
Putindbutt:
So, if NNPC a govt agency is the sole importer of fuel, then who are those collecting the subsidy?
Pls stop replying that senseless guy. You are making him look sensible.

Silence is the best answer for his type.
Re: Those Who Want Naira To Be N400 To Dollar Are Living In Dream World – Moghalu by Putindbutt(m): 4:48pm On Mar 24, 2024
Godfullsam:
Pls stop replying that senseless guy. You are making him look sensible.
Silence is the best answer for his type.
Sometimes you wonder what comes out of their brain.
Re: Those Who Want Naira To Be N400 To Dollar Are Living In Dream World – Moghalu by chopnaira: 4:55pm On Mar 24, 2024
Richtaiwo:
Similarly, cursed enemies of Nigeria who want Dollar to be 3000 at the end of March are foolish dreamers.
They are the enemies of Nigeria also known as emergency lovers of Nigeria aka IPOB.
Re: Those Who Want Naira To Be N400 To Dollar Are Living In Dream World – Moghalu by OfoIgbo: 4:59pm On Mar 24, 2024
Richtaiwo:
Similarly, cursed enemies of Nigeria who want Dollar to be 3000 at the end of March are foolish dreamers.
Tinubu even encouraged Buhari to print more naira. This shows that the economic illiteracy is at the head of the current regime.

Anyway, no wonder Obi claimed he could get the naira to the 500 - 1 dollar level. He obviously knew it may be a tough ask to get it to the 400 - 1 dollar level.

Obi is their father.
Re: Those Who Want Naira To Be N400 To Dollar Are Living In Dream World – Moghalu by MasterJayJay: 5:03pm On Mar 24, 2024
Putindbutt:
So, if NNPC a govt agency is the sole importer of fuel, then who are those collecting the subsidy?
Godfullsam:
Pls stop replying that senseless guy. You are making him look sensible.

Silence is the best answer for his type.
Putindbutt:
Sometimes you wonder what comes out of their brain.
If you refuse to be smart with your smartphone, your IQ will keep depreciating.

Stop asking dumb questions. NNPC said last year that government is owing them subsidy payments. https://www.thecable.ng/fg-owes-nnpc-n2-8trn-spent-on-petrol-subsidy-says-kyari

Who was collecting then? Dey ask babablu questions.
Re: Those Who Want Naira To Be N400 To Dollar Are Living In Dream World – Moghalu by Richtaiwo(m): 5:05pm On Mar 24, 2024
OfoIgbo:
Tinubu even encouraged Buhari to print more naira. This shows that the economic illiteracy is at the head of the current regime.

Anyway, no wonder Obi claimed he could get the naira to the 500 - 1 dollar level. He obviously knew it may be a tough ask to get it to the 400 - 1 dollar level.

Obi is their father.
You mean the father of ipobidients? Because how a fraudster who increased the poverty level of a state by 75% suddenly became the only godsent economic messiah still beats me.
Re: Those Who Want Naira To Be N400 To Dollar Are Living In Dream World – Moghalu by OfoIgbo: 5:07pm On Mar 24, 2024
Richtaiwo:
You mean the father of ipobidients? Because how a fraudster who increased the poverty level of a state by 75% suddenly became the only godsent economic messiah still beats me.
Well, he was a part of the economic team led by Okonjo Iweala, that made Nigeria the largest economy in Africa.

That definitely deserves kudos.
Re: Those Who Want Naira To Be N400 To Dollar Are Living In Dream World – Moghalu by chopnaira: 5:08pm On Mar 24, 2024
Richtaiwo:
You mean the father of ipobidients? Because how a fraudster who increased the poverty level of a state by 75% suddenly became the only godsent economic messiah still beats me.
I remember all the insult wey the man dey chop for impoverishing Anambra. He even took it further by broke shaming them saying education in Anambra is not for the poor.
Re: Those Who Want Naira To Be N400 To Dollar Are Living In Dream World – Moghalu by Putindbutt(m):
MasterJayJay:
If you refuse to be smart with your smartphone, your IQ will keep depreciating.

Stop asking dumb questions. NNPC said last year that government is owing them subsidy payments. https://www.thecable.ng/fg-owes-nnpc-n2-8trn-spent-on-petrol-subsidy-says-kyari

Who was collecting then? Dey ask babablu questions.
What is the point of the useless article you posted?, how does it answer the question. This was May 30, a day after Tinubu took over and announced an end to subsidy.
Re: Those Who Want Naira To Be N400 To Dollar Are Living In Dream World – Moghalu by Richtaiwo(m): 5:11pm On Mar 24, 2024
MasterJayJay:
If you refuse to be smart with your smartphone, your IQ will keep depreciating.

Stop asking dumb questions. NNPC said last year that government is owing them subsidy payments. https://www.thecable.ng/fg-owes-nnpc-n2-8trn-spent-on-petrol-subsidy-says-kyari

Who was collecting then? Dey ask babablu questions.
Illiteracy is dangerous. A report on subsidy payment on 30th May 2023, barely a day after subsidy removal was announced is now a reference point. As someone pointed out above, some arguments are just waste of useful time, especially when the literacy level of a party is very low.
Re: Those Who Want Naira To Be N400 To Dollar Are Living In Dream World – Moghalu by Richtaiwo(m): 5:14pm On Mar 24, 2024
OfoIgbo:
Well, he was a part of the economic team led by Okonjo Iweala, that made Nigeria the largest economy in Africa.

That definitely deserves kudos.
So what was his contribution in that team? What stopped from applying his economic prowess in Anambra?
Re: Those Who Want Naira To Be N400 To Dollar Are Living In Dream World – Moghalu by MasterJayJay: 5:16pm On Mar 24, 2024
Putindbutt:
What is the point of the useless article you posted?, how does it answer the question. This was May 30, a day after Tinubu took after and announced an end to subsidy.
Richtaiwo:
Illiteracy is dangerous. A report on subsidy payment on 30th May 2023, barely a day after subsidy removal was announced is now a reference point. As someone pointed out above, some arguments are just waste of useful time, especially when the literacy level of a party is very low.
The problem with people like you is unstable comprehension and babablu.

You asked 'So, if NNPC a govt agency is the sole importer of fuel, then who are those collecting the subsidy?'

I posted the article that prove that NNPC has the power to collect subsidy. Of course, they won't admit publicly that they are currently receiving subsidy.

Test to show if your brain is working: If imported diesel keeps increasing in price, why is imported petrol not increasing in price?

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