Mr Moghalu disclosed this while speaking at the just concluded 29th National Economic Summit in Abuja.
Over the past four months, the naira has depreciated by over 50 per cent at both the authorised and unauthorised market segments, after theThe move, according to the apex bank, is part of the Nigerian government’s efforts to improve liquidity and stability in the market and attract foreign investors into the Nigerian economy.
“And even when plans are made, they are not always as informed as they should be. You see. I mean, it’s important to clear those battles because one of the problems and a major problem that is affecting the naira is confidence.” “For them to do that, they need to see that the gap between the monetary policy rate… which today is at about 19 per cent and the inflation rate which is almost at 27 per cent, must be closed.“That gap must be narrowed, otherwise, investors feel it is not a very sound investment to make in terms of the yield,” he said.
According to the data, the naira opened at N758.50 but slipped to N848.12 at the close of business on Tuesday as foreign exchange supply within the market segment skyrocketed significantly.
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