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“Those who want the Naira to be N400 To Dollar are living in a dream world” – Kingsley Moghalu, Former CBN Deputy Governor

Jenny Soul by Jenny Soul
March 24, 2024
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“Those who want the Naira to be N400 To Dollar are living in a dream world” – Kingsley Moghalu, Former CBN Deputy Governor
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Kingsley Moghalu, a former deputy governor of the Central Bank of Nigeria, dismissed the idea of aiming for a Naira to Dollar exchange rate of 400, labeling it as unrealistic.

Expressing his views on his X account, Moghalu asserted the importance of exchange rates aligning with market realities. He condemned the tactics employed during Godwin Emefiele‘s leadership at the Central Bank, which he perceived as artificially controlling exchange rates to serve political agendas. According to Moghalu, this approach fostered economic instability and encouraged speculative behavior.

Moghalu advocated for a shift towards a value-added manufacturing export economy as a sustainable solution to strengthen the nation’s forex earnings beyond reliance on oil.

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He wrote: 

“Those who want the Naira to be N400 to the $ are living in a dream world. Even discounting for the negative impact of speculative attacks on the value of the Naira, the exchange rate will (and should) reflect its market value in reality, not the artificiality that the Emefiele era central bank sought to maintain to please economic illiterates in political power at the time. 

“That artificiality created room for massive arbitrage by speculators which bled the economy. Nigeria does not (yet) have a productive export economy. That’s the heart of the matter. 

“And we do not have $100 billion in foreign reserves. So on what basis would the Naira forex rate return to some fantasy land soon? It will also take time to regain or achieve full investor confidence such as we had when we were there (and the rate was N150-165 to the $. 

“The sooner we focus on a painstaking creation of value-added manufacturing export economy that earns forex beyond oil in real and significant terms, the better. Key to this is the electricity conundrum in which we are at less than 4,000 megawatts of generation for a population of 200 million for decades now. 

“Take power to even 20K megawatts (let’s not talk of 50K for South Africa’s 60 million population or Brazil’s 181K megawatts for a population only slightly larger than Nigeria) and you will see what the Nigerian entrepreneurial spirit is capable of.”

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Jenny Soul

Jenny Soul is a passionate relationships expert, dating counselor and sales coach. She is also a songwriter, performer and mum. When she is not writing, she engages in counselling sessions and motivational speeches to young people.

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Nigerian music industry is mourning the loss of one of its cultural giants. Alhaji Ismaila Dele Bello, popularly known as Ahuja Bello, passed away on Monday, August 25, 2025, at the age of 83. His son, Adetunji Bello, confirmed the sad news, revealing that the juju legend died peacefully in his sleep—just a day after celebrating his birthday. For many Nigerians, especially those who lived through the golden era of the 1970s and 1980s, the name Ahuja Bello evokes nostalgia. His music was the sound of celebration, a rhythm that echoed at weddings, naming ceremonies, and late-night parties. His passing is not only a personal loss for his family but also a cultural one for Nigeria’s rich musical heritage. Born on August 24, 1942, in Iseyin, Oyo State, Ahuja Bello was destined for music. Juju, a genre deeply rooted in Yoruba tradition, became the canvas on which he painted his artistry. Unlike many who treated music as a side hustle, Bello embraced it as a calling. By the mid-1970s, Bello had carved a niche for himself with his energetic stage performances, rich guitar work, and soulful lyrics. He was not just a performer; he was an experience. Fans adored his ability to connect with the crowd, blending traditional Yoruba rhythms with modern influences that kept his sound refreshing and timeless. Top 5 Most Visited Countries For Tourism Worldwide - JennySoul.com The 1970s and 1980s were a defining period for juju music, with legends like King Sunny Adé and Chief Ebenezer Obey dominating the scene. Yet, Ahuja Bello held his ground, building a loyal following that admired his originality and charisma. His concerts were more than entertainment—they were community gatherings. Every strum of his guitar carried messages of joy, resilience, and cultural pride. For many families, his songs became the soundtrack of their most memorable life events. One of the highlights of his career was his encounter with reggae icon Bob Marley during a trip to London. Though brief, this meeting symbolized the global relevance of Nigerian music long before the Afrobeats wave. Bello’s artistry showed that African sounds had the power to resonate beyond borders. Tragedy struck in 1982, when Ahuja Bello was involved in a serious accident. At the time, he was at the height of his career, commanding large crowds and dominating the juju scene. The accident slowed his performances and significantly altered his musical journey. For many musicians, such a setback might have marked the end. But Bello’s earlier contributions had already etched his name into Nigerian music history. Even though his stage appearances became limited, his influence continued. His recordings lived on, and his legacy inspired younger artists who admired his dedication to the craft. The death of Ahuja Bello is not just the passing of a man—it is the closing of a chapter in Nigeria’s musical story. His life represents an era when juju music carried social messages, celebrated culture, and served as a unifying force for communities. For older generations, Bello’s passing feels deeply personal. His music was woven into everyday life, from radio airwaves to live performances at social gatherings. For younger Nigerians, his story is a reminder of the roots of contemporary Nigerian music, proving that today’s Afrobeats giants stand on the shoulders of pioneers like him. As tributes pour in, fans, fellow musicians, and cultural associations describe Bello as a cultural custodian who never lost sight of his Yoruba identity. His songs celebrated resilience and tradition, ensuring that juju music remained relevant through the decades. Even in death, Bello’s music continues to breathe life into celebrations. His legacy shows that while people may pass, music remains immortal. Every strum of a juju guitar, every drumbeat at a Yoruba gathering, and every nostalgic radio replay will continue to carry Ahuja Bello’s spirit. The passing of Ahuja Bello at 83 is both a moment of mourning and a celebration of a life well lived. From Iseyin to international stages, from local dance halls to cultural milestones, Bello gave Nigerians more than music—he gave them memories. Though his journey was interrupted by tragedy, his impact remains unshaken. His career serves as a reminder that legacy is not measured by longevity alone but by the footprints left on culture. As Nigeria reflects on his contributions, one truth becomes clear: Ahuja Bello may have taken his final bow, but the music never ends. Rest in peace, Ahuja Bello. The juju lives on.
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