The Lagos State House of Assembly has raised concerns over the persistent depreciation of the Nigerian naira against the U.S. dollar. The resolution was passed during a plenary session presided over by Speaker Mudashiru Obasa. Lawmakers expressed worry over the free fall of the naira and called for immediate interventions to reverse the trend.
The legislators commended the Central Bank of Nigeria (CBN) for taking some measures to address the issue but emphasized the need for more decisive actions. Speaker Obasa advised the Federal Government and the CBN to take bold steps to strengthen the local currency. He suggested reducing foreign trips for seminars and conferences by government agencies, proposing that resource persons could be brought to Nigeria to deliver lectures instead.
Obasa also highlighted the need for citizens to support the government’s efforts in stabilizing the naira. He suggested engaging depositors of dollars in banks for an acceptable arrangement to utilize such funds to reduce pressure on the naira. The Speaker commended the National Assembly for inviting the CBN governor to discuss the issue and urged the government to regulate religious pilgrimages to ease pressure on the naira until stability is achieved.
Earlier, under ‘Matter of Urgent Public Importance’, Mr Femi Saheed (Kosofe II) attributed the current naira-dollar disparity to the policies of the CBN. He suggested that implementing measures such as fixing the nation’s refineries and strengthening the education and health sectors could help bolster the naira. Saheed also proposed using moral suasion to encourage people to withdraw dollars from their domiciliary accounts to support the naira.
The resolution of the Lagos State House of Assembly reflects growing concerns over the naira’s depreciation and underscores the urgent need for comprehensive measures to stabilize the currency. As the government and relevant authorities consider these suggestions, the focus remains on finding sustainable solutions to the naira’s challenges to ensure economic stability and growth.
Vanguard News