Naira Now A Black Market Commodity Like FOREX –Ex-CBN Deputy Gov Laments
LAGOS FEBRUARY 4TH (NEWSRANGERS)-Former presidential candidate of the African Democratic Party, ADC and CBN Deputy Governor, Kingsley Moghalu has said the country’s currency, Naira, has become a commodity in the black market.
Moghalu also said the current scarcity of the Naira was a way of the currency responding to its smuggling, arbitrage and other forms of corruption.
His statement was contained in a post via his verified Twitter handle on Friday.
Recall that the country is currently facing challenges in its transition to newly redesigned Naira notes, with incidents of frustration and anger among Nigerians sweeping across the country.
However, amidst the crisis trailing the distribution of the redesigned Naira, President Muhammadu Buhari has said he would be taking a major decision in a week.
Buhari stated this on Friday following a request and meeting by the members of the Progressive Governors Forum at the State House in Abuja.
However, Moghalu insists the Naira is experiencing the same thing as the Forex.
He wrote, “Naira is now a black market commodity! Scarcity and the laws of economics. The market will always respond to scarcity with smuggling, arbitrage, or other forms of corruption. As with forex, so it is with the Naira. May this cup pass over us quickly.”
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Posted by News Rangers
on Feb 4 2023. Filed under Business, National.
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