Lagos Assembly Voices Concern As Naira Plummets To N1,534 per Dollar

Lagos Assembly Voices Concern As Naira Plummets To N1,534 per Dollar

Expressing deep concern over the persistent depreciation of the naira against the U.S. dollar, the Lagos State House of Assembly has taken a decisive stance by passing a resolution to address the alarming trend…..READ ALSO

During a plenary session presided over by Speaker Mr. Mudashiru Obasa on Tuesday, the assembly unanimously decried the free fall of the naira, emphasizing the urgent need for interventions to stem the tide.

The lawmakers, while acknowledging the efforts of the apex bank in tackling the issue, stressed the necessity for additional measures to reverse the downward trajectory of the naira’s value.

Speaker Obasa urged both the Federal Government and the Central Bank of Nigeria (CBN) to implement bold strategies to salvage the local currency from further depreciation.

He proposed practical steps such as reducing foreign trips for seminars and conferences by government agencies, advocating for resource persons to deliver lectures within Nigeria, rather than abroad.

Furthermore, Obasa suggested engaging depositors of dollars in banks to explore mutually beneficial arrangements that could alleviate pressure on the naira.

The assembly also lauded the National Assembly for engaging in discussions with the CBN governor on the matter, emphasizing the importance of regulating religious pilgrimages to ease pressure on the naira until stability is achieved.

Earlier discussions, led by Mr. Femi Saheed, highlighted the need for comprehensive measures such as revamping the nation’s refineries and strengthening key sectors like education and healthcare to bolster the naira.

Saheed also proposed moral persuasion tactics to encourage individuals to withdraw dollars from their domiciliary accounts, viewing it as a potential step towards stabilizing the naira’s value.

The resolution passed by the Lagos State House of Assembly underscores the gravity of the situation and underscores the imperative for collaborative efforts between government agencies and citizens to address the challenges facing the nation’s currency.