By Milcah Tanimu
Professor Kingsley Moghalu, a former deputy governor of the Central Bank of Nigeria (CBN) and presidential aspirant of the Young Progressive Party (YPP), has advised the Federal Government and the CBN to focus on holding chief executives of commercial banks accountable for forex manipulation instead of targeting cryptocurrency traders for the Naira’s depreciation.
Moghalu made these remarks as the keynote speaker at the 16th annual LEADERSHIP Conference and Awards in Abuja. He criticized the recent crackdown on BINANCE and its officials, alleging manipulation of the forex market, and suggested that similar scrutiny be directed towards bank CEOs.
According to Moghalu, the economic challenges facing Nigeria stem from governance issues, emphasizing the need for effective governance to manage the economy. He proposed that President Bola Tinubu establish a seven-man economic advisory team to address these issues, expressing dissatisfaction with the current economic advisory team constituted by the President.
While acknowledging some bold decisions by the government, such as the removal of petrol subsidies and the free float of the Naira, Moghalu criticized the administration for failing to adequately educate Nigerians on the reasons behind these policies and their management strategies.
He also highlighted delays in forming President Tinubu’s cabinet during a critical period, which he believes exacerbated economic challenges inherited by the government. Moghalu attributed Nigeria’s current predicament to a lack of national unity and urged the government to re-strategize to overcome these challenges.
In conclusion, Moghalu emphasized the importance of addressing the root causes of the economic crisis and encouraged constructive dialogue and action to revitalize the economy.