Professor Kingsley Moghalu has said there’s a lot of rent-seeking concerning the Nigerian Naira driven by a greed for power by the country’s highly influential and politically connected individuals and politicians.
Moghalu, a former deputy governor of the Central Bank of Nigeria was a guest on ARISE News where he said the creation of different exchange rates for different businesses in the country for the Naira has ensured there is no level playing field in the financial market.
“Nigeria’s politics is driven by a greed for power at the centre for the purposes of rent-seeking. There is a lot of rent-seeking concerning the Naira,” Moghalu, a Professor of International Business and public policy told ARISE News.
He added further that “if you keep the Naira subsidised if you create different exchange rates for different types of businesses for the Naira, you are not creating a level playing field in the financial market.
“And there are people who profit from these arbitrage opportunities, and many of them are powerful, politically connected people who have a very important influence on political decision making which of course influences economic decision making. So our economy is suffering because of our politics.