Ex CBN Deputy Gov. to Tinubu: Exchange rate not the problem but symptom of the problem

A former deputy governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu, has reacted to President Bola Ahmed Tinubu’s comment that Nigerians should stop postulating about the exchange rate and allow the apex bank do its job.

Tinubu, during an emergency meeting on Thursday at the State House, Abuja, said everyone cannot be an expert, and that postulations on the fluctuation of foreign exchange rates are adversely affecting the market.

Hear him: “The cacophony of postulations on the fluctuation of foreign exchange rates is adversely affecting the market. Not everyone can be an expert. If we have assigned someone a task, we must allow them to perform it. If they fail, then we must find a way to quickly remove them from the system,” Tinubu said.

Moghalu, who appears to disagree with the president, offered his two cents as an expert on the crisis bedeviling Nigeria’s economy.

He said: “Well, I am an expert, but let me refrain from a cacophony of postulations here.

“I continue to wish our central bank success in a challenging task, but let me just ‘postulate’ briefly that Nigeria’s economic crisis is deep, and goes well beyond the exchange rate which is simply a symptom of maladies and not the malady itself.”