Top Stories

Lagos Assembly Suggests Ways To Strengthen Naira Against Dollar

 

The Lagos State House of Assembly has decried the continued downward slide in the value of the naira against the dollar.

Advertisement

As at Tuesday, a dollar hovered between N1,474 and N1,500 and the lawmakers, at plenary, advised the federal government and the Central Bank of Nigeria (CBN) on some bold steps to take so as to shore up the value of the naira.

Part of the resolutions by the House was that the federal government should come up with a mechanism to reduce foreign trips for seminars and conferences by ministries and agencies adding that this should apply to states.

Advertisement

While stressing the need to strengthen security across the nation, the House also called on the CBN “to embark on sensitisation of Nigerians on the steps being taken by the apex bank to reduce the pressure on naira while informing on the expected roles of Nigerians at this time.”

The Assembly urged that depositors of dollars in banks can be engaged for an acceptable arrangement where such funds can be utilised by the government to help reduce pressure on the naira.

Advertisement

Speaker of the House, Rt. Hon. Mudashiru Obasa, who presided over the sitting, lamented the disparity between the dollar and naira while commending the CBN for taking some measures with the hope that such actions would yield positive results.

Dr. Obasa, who further commended the National Assembly for inviting the CBN governor for discussion recently, said: “In my opinion, the CBN and government should embark on sensitisation and information dissemination to make people understand what the government is doing.
The pressure on the naira is too much, but the CBN should make sure that national interest is supreme.”

Advertisement

Obasa urged the government to regulate religious pilgrimages as they attract undue interest in dollars and put pressure on the naira. According to him, this action could be sustained until the naira stabilises.

“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.

Advertisement

“Locally, some people in Nigeria doing businesses demand dollars instead of naira. Even at parties now, you see people spray dollars instead of naira. We need a way out and to do this, we need the support of citizens. That’s the essence of sensitisation.

Speaking earlier under ‘Matter of Urgent Public Importance’, Hon. Femi Saheed (Kosofe Constituency 2), said the current naira-dollar disparity is the direct consequence of the policies of the Godwin Emefiele-led CBN.

Advertisement

According to him, the naira will gain strength if measures including fixing the nation’s refineries, strengthening the education and health sectors are taken.

“I think the current CBN governor should work on moral suasion to get people to pull out the dollars in their domiciliary account,” he said.

Advertisement

Eromosele Ebhomele
Chief Press Secretary to the Speaker of the Lagos State House of Assembly.

Advertisement
citynews

Recent Posts

Why Seyi Tinubu Can’t Be Lagos Governor- Igbokwe

A member of the All Progressives Congress (APC), Joe Igbokwe, has said Seyi Tinubu, son…

10 hours ago

Simon Ekpa Not Our Member, Should Not Be Associated With Us- IPOB

IPOB PRESS RELEASE 22/11/2024 SIMON EKPA IS NOT AN IPOB MEMBER AND MUST NOT BE…

13 hours ago

NEWSPAPER HEADLINES FOR FRIDAY 22ND NOVEMBER 2024

NEWSPAPER HEADLINES FOR FRIDAY 22ND NOVEMBER 2024. *PUNCH* Gombe begins N28bn Assembly, high court complexes…

14 hours ago

My husband assaulted me, ruined my career – Olajumoke Onibread

Former bread seller turned model, Olajumoke Orisaguna, popularly known as Olajumoke Onibread, has opened up…

17 hours ago

“I did not punch Akpabio” – Senator Bamidele speaks on alleged fight with Senate President

Senate Majority Leader, Opeyemi Bamidele has denies reports that he was involved in a fight…

17 hours ago

Speaker Obasa Clarifies Negative Perceptions As Sanwo-Olu Presents 2025 Budget

– says lawmakers united to meet yearnings of Lagosians – accuses detractors of peddling news…

17 hours ago