Naira: Senate Calls For Proactive Efforts To Stop Depreciation

The continuous depreciation in the value of the naira has elicited the reactions of the Nigerian Senate.

The nation’s upper chamber of the National Assembly has now called for deliberate efforts on the part of relevant stakeholders to stem the tide.

The Senate reaction comes on the heels of fall in the exchange rate of the naira to the dollar in the last two weeks, after it recorded a sustained gain against the American currency in April.

According to checks, the official exchange rate of the dollar at the close of business last Friday was N1,300. The currency had recorded yet its biggest gain against the dollar last month after it was exchange for less than N1000 to the American green back at the parallel market.

The development, the Senate Committee chairman on Finance Sani Musa, said is worrisome despite the efforts of the federal government to strengthen the currency.

The senate, in a statement on Sunday said all hand must be on deck to stop naira from further depreciating, stressing that it will work with relevant stakeholders to achieve this.

“The recent depreciation of the naira underscores the need for proactive measures to safeguard the stability and resilience of our currency,” Sani said.

“The Nigerian economy is facing significant challenges, exacerbated by both internal and external factors.

“Despite efforts to stabilise and bolster economic growth, the numerous initiatives and bold but necessary steps and policy decisions taken by President Bola  Tinubu,  the persistent depreciation of the Naira against major foreign currencies has become a pressing concern.”

“The recent depreciation of the naira underscores the need for proactive measures to safeguard the stability and resilience of our currency.

“This includes robust oversight of fiscal policies, engagement with key stakeholders, and the formulation of targeted interventions to support key sectors of the economy.

“It is also the hope of the committee that our economic managers will adhere strictly to the norms and standards set by this administration to ensure that we achieve the desired outcomes in taking Nigeria to its economic growth and prosperity,” he said.