LAGOS, Nigeria (VOICE OF NAIJA) – The Senate Committee on Finance has expressed concerns in recent decline of the naira despite numerous policies employed by the apex bank to rescue the currency.
The naira continued to weaken against the US dollar with the official window, ending at 1,309.88/$ and N1,420/$ at parallel market on Thursday, April 25.
This was disclosed in a statement released on Sunday by Chairman of the Committee, Senator Sani Musa of APC, representing Niger State.
Musa stated that there is an urgent need to seek a proactive measures and partner with relevant stakeholders to stabilise the recent naira continuous fall.
The statement read: “The recent depreciation of the naira underscores the need for proactive measures to safeguard the stability and resilience of our currency.
“The Nigerian economy is facing significant challenges, exacerbated by both internal and external factors.
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“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,” the Senate finance chairman lamented.
The committee “is closely monitoring the situation and is committed to working collaboratively with relevant stakeholders to implement effective policies and strategies,” Musa said.
The committed further emphasised on the significance of addressing “the root causes of naira depreciation, including but not limited to fluctuations in global oil prices, fiscal deficits, and structural imbalances in the economy.”
The senator added that the committee is working out numerous “policy options” to “mitigate the impact of naira depreciation and foster economic stability.
“This includes robust oversight of fiscal policies, engagement with key stakeholders, and the formulation of targeted interventions to support key sectors of the economy.
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“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 urged Nigerians “to remain vigilant and resilient,” noting that “together, we can overcome the challenges facing our economy and chart a path towards prosperity for all.”