'The only way' - Moghalu speaks on solution to naira's free fall as one dollar sells above N1,300

Kingsley Moghalu, the former Deputy Governor of the Central Bank of Nigeria (CBN), has identified how naira can recover.

According to Moghalu, the only way to fix the naira is for the Nigerian economy to become productive and export-driven.

He made this known while speaking at the 29th edition of the annual Nigerian Economic Summit in Abuja on Tuesday, October 24, 2023.

The Nation reports that this year's edition of the event was tagged 'Pathways to Sustainable Economic and Transformation and Inclusion'.

How to save naira

Responding to a question on forex exchange, Moghalu stated that the solution to the naira's problem should be long-term.

He said: “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."

“The only way you can fix the naira is that the Nigerian economy needs to become a productive export-driven economy."

The former presidential hopeful added that Nigeria must devise a robust plan to strengthen the naira.

“I can’t say this enough and I’m not the only one who’s saying it. But up till today, we have not seen a comprehensive plan with targets to achieve this.

"And even when plans are made, they are not always as informed as they should be. But I don’t know if you heard the President today because I heard him talking about clearing the backlog and doing all of this.

“You see. I mean, it’s important to clear those battles because one of the problems and a major problem that is affecting the naira is confidence.”