Eko Hot Blog reports that the Lagos State House of Assembly, during its recent plenary session, expressed concern over the continuous depreciation of the naira against the dollar.
As the naira traded between N1,474 and N1,500 against the dollar, legislators offered suggestions to the federal government and the Central Bank of Nigeria (CBN) on addressing the issue.
Among the resolutions passed by the House, one highlighted the need for the federal government to implement measures to reduce foreign trips for seminars and conferences by ministries, agencies, and states.
Emphasizing the importance of strengthening national security, the Assembly also urged the CBN to educate Nigerians on its strategies to alleviate pressure on the naira.
The legislators proposed engaging depositors of dollars in banks to create acceptable arrangements for utilizing such funds to ease pressure on the naira.
Speaker of the House, Rt. Hon. Mudashiru Obasa, acknowledged the efforts of the CBN in implementing measures and commended the National Assembly for engaging the CBN governor in recent discussions.
Dr. Obasa stressed the necessity of sensitization and information dissemination to help citizens understand government actions. He expressed concern over the significant pressure on the naira and suggested regulating religious pilgrimages, which often involve high dollar demands, until the naira stabilizes.
“To save the naira, the federal government and states can stop foreign conferences and seminars. If possible, we can bring the resource persons to Nigeria to deliver their lectures. We all need to look inward to support the government,” said Dr. Obasa.
He also pointed out the trend of some Nigerian businesses demanding dollars instead of naira, even at social events.
Dr. Obasa underscored the importance of citizens’ support in finding solutions and the necessity of sensitization campaigns.
During discussions on ‘Matter of Urgent Public Importance,’ Hon. Femi Saheed (Kosofe Constituency 2) attributed the naira’s challenges to policies under the leadership of the CBN governor, Godwin Emefiele.
Saheed suggested that addressing issues like fixing national refineries and strengthening education and health sectors would contribute to naira stabilization. He urged the CBN governor to utilize moral suasion to encourage people to withdraw dollars from their domiciliary accounts.
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