<\/p>\n
A former Deputy Governor of Central Bank of Nigeria (CBN), Kingsley Moghalu, has stressed the urgent need for complete overhaul of economic thinking and management in Nigeria as a way of redeeming the deteriorating value of the country\u2019s currency.<\/p>\n
Moghalu had opined the decision of the apex financial institution in the country to redesign Naira notes would have temporary impact on Nigeria\u2019s dwindling economy.<\/p>\n
The former presidential aspirant, in a series of tweets on Thursday stated that the window between December and January before 2023 elections would be too short for the planned policy to impact positively on the country.<\/p>\n
The Economic expert also accused the CBN Governor, Godwin Emefiele, of politicizing the apex bank, citing this as reason for the controversies generated by the announcement of the policy.<\/p>\n
He, however, said the decision by the Central Bank was purely constitutional and within its right.<\/p>\n
The tweets read: \u201cThe CBN is an independent statutory corporation. It is not a Ministry, Department or Agency (MDA). Many people don\u2019t understand this. The nature and functions of central banking require that it is independent.<\/p>\n
Also Read:\u00a0CBN Naira Redesign Is Political, Says Obaseki<\/strong><\/p>\n \u201cI suspect that part of why the currency redesign has been so controversial is that there is a trust deficit between the Nigerian public and the current leadership of the Bank, which needlessly politicized the Bank. This also is a function of the kind of political leadership and government we have.<\/p>\n \u201cBut as I said, on this matter the CBN is well within its rights. Will the move succeed? I don\u2019t know. If it is 50-60% successful that would be great in reality, because many vested interests in Nigeria, some pure criminals, have a spectacular capacity for negative innovation.<\/p>\n \u201cAgain, as I have said, the time window between December 15 and January 31 2023 is a bit short. A 90-day window would have been more ideal, and so the move should perhaps have come earlier so as not to have a disruptive effect on the 2023 elections in February.<\/p>\n \u201cRegarding the impact of the currency redesign on the value of the naira, I and many others foresaw this. But the problem with the value of the naira is more fundamental. Even without this currency redesign, I predicted many months ago that the naira hit 1000 naira to $1 by the end of this year just based on economic fundamentals.<\/p>\n \u201cThe redesign is a temporary operation, so its own specific impact of naira value will be temporary. We will then return to the real issues about naira value. That requires a complete overhaul of economic thinking & management.\u201d<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" Kingsley Moghalu A former Deputy Governor of Central Bank of Nigeria (CBN), Kingsley Moghalu, has stressed the urgent need for complete overhaul of economic thinking and management in Nigeria as a way of redeeming the deteriorating value of the country\u2019s currency. Moghalu had opined the decision of the apex financial institution in the country to […]<\/p>\n","protected":false},"author":1,"featured_media":1243109,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3888],"tags":[],"class_list":["post-1243107","post","type-post","status-publish","format-standard","has-post-thumbnail","category-nigeria-news"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1243107","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=1243107"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1243107\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1243107"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1243107"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1243107"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}