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.
Even discounting for the negative impact of speculative attacks on the value of the Naira, the exchange rate will 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 have a productive export economy. That’s the heart of the matter.
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