He recently revealed this while speaking with the press, and Nigerians have been reacting.
According to him, he can only blame the downward trend of the naira on the activities of speculators and lack of autonomy of the apex bank.
Moghalu added that he and Sanusi Lamido definitely did his best to work very hard on the matter of the exchange rate because he wanted to create a very investment-friendly climate for both local and foreign investors in the Nigerian economy.
His words, “We worked very hard on the matter of the exchange rate because we wanted to create a very investment-friendly climate for both local and foreign investors in the Nigerian economy and we knew that one of the keys to that was an exchange rate that was stable.”
“So, we made sure that you could bring in your money for investment in Nigeria and take it out, 100 per cent, it’s yours, with no real complications, that gave investors’ confidence.”
“We, of course, had high oil prices at that time which also was helpful. So, the reserves were never really above the early 40s, in terms of billions of dollars.”
“It was just the way we managed the Central Bank’s own responsibilities in the economy in general – the banking reforms that we did; we really cleaned out the system, we stabilised it and we opened it up for business.”
“We laid the foundation for the fintech boom that we are enjoying today. We introduced a lot of payment system innovations like the Bank Verification Number when I was deputy governor of operations and responsible for the payment system reforms.”
“It’s a whole set of factors that contributed to our success.”
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