Kingsley Moghalu, a former ADC presidential candidate, has bemoaned the fact that the naira has become a commodity on the underground market.
This came after the new naira notes became scarce, forcing citizens to pay excessive prices to purchase and trade the money.
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Moghalu argues that the Naira is going through the same scenario as the Forex in a post on his verified Twitter account on Friday.
He noted: “Naira is now a black market commodity! Scarcity and the laws of economics. The market will always respond to scarcity with smuggling, arbitrage, or other forms of corruption. As with forex, so it is with the Naira. May this cup pass over us quickly.”
Recall that the country is currently experiencing difficulties with the distribution of newly redesigned Naira notes, with incidents of annoyance and anger among Nigerians sweeping the nation. President Muhammadu Buhari has said, however, that he will make a significant decision in a week.
Following a meeting and request from the Progressive Governors Forum members at the State House in Abuja, Buhari made this statement on Friday.
