Former Deputy Governor of the Central Bank of Nigeria (CBN) Kingsley Moghalu has ignited another debate surrounding Nigeria’s ailing currency, the naira.
In a Friday post on his X (formerly Twitter) account, Moghalu attributed the naira’s poor performance not to the young Bola Tinubu administration, but to the nation’s persistent reliance on natural resources for foreign exchange earnings.
Moghalu argued that Nigeria’s “export-oriented, value-added manufacturing and services” sector remains underdeveloped, leaving the country heavily dependent on volatile oil prices and susceptible to external shocks.
