Forex Crisis: Go After Bank CEOs And Not Cryptocurrency Traders — Kingsley Moghalu [VIDEO]

Prof. Kingsley Moghalu, Former deputy governor of the Central Bank of Nigeria (CBN)

Target Bank CEOs rather than cryptocurrency traders, former CBN Deputy Governor Kingsley Moghalu advises Tinubu.

Prof. Kingsley Moghalu, a former deputy governor of the Central Bank of Nigeria (CBN), has suggested that rather than blaming cryptocurrency traders for the Naira's free fall, the federal government and the CBN pursue the chief executives of commercial banks for round tripping and manipulating the foreign exchange rate.

According to MON DIARIES, Binance was the target of a recent crackdown by the federal government, which included the detention of top executives for suspected manipulation of the Forex market.

Moghalu, however, added that poor governance was the cause of Nigeria's current economic mess in his keynote address at the 16th annual LEADERSHIP Conference and Awards in Abuja on Tuesday. He said, “If you cannot govern the people well, you cannot manage the economy.”

Read: Arrest Of Binance Executives Is Proves Government Is Working — Obanikoro

He suggested that in order to help present solutions to the problems, President Bola Tinubu assemble a seven-member team of economic advisors.

However, he criticized the President's newly formed economic advisory group, saying it was just a group of businessmen who are also involved in the economy. According to him, the repercussions would be that the economy would not recover as planned.

The government should examine how to address the underlying causes of the current economic crisis in the nation, according to Moghalu, who also stated that “the best time is now for us to address the crisis.”

He claimed that the government had made audacious and wise decisions in eliminating fuel subsidies and allowing the Naira to freely fluctuate.

Moghalu said Nigerians should have been informed about the rationale behind the elimination of the subsidy and the procedures in place to handle the consequences of the policies, pointing out a few errors made by the Tinubu administration that have made the current crises worse.

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The former deputy governor of the CBN went on to say that President Tinubu's cabinet was formed too slowly during a delicate time when the government inherited a financial disaster, which he claimed put the already fragile economy at further risk.

He stated that the absence of nationhood was the primary cause of Nigeria's current predicament and that this in turn was to blame for the nation's problems. In order to change things, he therefore urged the government to rethink its approach.