The House of Representatives (Reps) on Tuesday, October 10, mandated the Committee on Banking Regulation to investigate the use of the United States Dollar
and other foreign currencies as legal tender for domestic transactions in Nigeria.It urged the CBN to implement monetary policy adjustments to stabilise the currency, address speculative activities in the forex market, and increase the withdrawal limit of the naira to reduce the pressure on dollars and other foreign currencies.
It mandated the Committees on Banking Regulations and National Security and Intelligence to interface with the Central Bank of Nigeria with the purpose of initiating compliance strategies.The House noted that in June 2023, the President of the Federal Republic of Nigeria, Bola Ahmad Tinubu through the Central Bank of Nigeria announced changes to the country’s foreign exchange market.
The House said about 90 percent of Nigeria’s total export earnings are from oil, which is the mainstay of the country’s economy, but changes in the price of oil around the world have a big impact on the country’s foreign exchange market.The House said Nigeria’s foreign exchange inflows are lagging despite unification in June, with high demand for foreign currency and limited access to official markets incentivizing black market purchases.
“The House is also aware that the Central Bank of Nigeria frequently uses its foreign reserves to stabilise the naira, but this can deplete its reserves, making the country vulnerable to economic shocks.”
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