Amid the continuing crash of the Nigerian Naira against the US Dollars, a former presidential candidate, Kingsley Moghalu has criticised President Muhammadu Buhari for seeking the approval of the National Assembly to borrow $4 billion ($4,054,476,863) and €710 million loans.
Nigeria under Buhari has already borrowed some external loans.
The naira on Wednesday suffered a major setback, closing at N562 to dollar at the parallel market.
The currency has been under pressure for roughly two weeks, losing significantly at the official and parallel markets due to scarcity of dollars under a very high demand from manufacturers and foreign exchange end users.
The disparity between the official and parallel market rates has led to massive hoarding of scarce dollars and abuse of Central Bank of Nigeria (CBN) guidelines on foreign exchange trading. Moghalu, a political economist and former Deputy-Governor of the Central Bank of Nigeria (CBN) is not impressed with Nigeria’s economic policy(ies).
“The Naira has dropped to 562 Naira to the dollar in the parallel market, as our public debt hits N34 trillion and President @MBuhari goes a borrowing again via @nassnigeria. Until we make fundamental changes in economic policy, it’s a one way ticket downwards for our economy,” Moghalu wrote on his verified Twitter handle on Wednesday.
