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The House of Representatives has urged the Central Bank of Nigeria to implement monetary policy adjustments to stabilise the currency. The call is sequel to a unanimous adoption of a motion by Rep. Ismaila Dabo at plenary on Tuesday in Abuja. Morning the motion, Dabo recalled that in June 2023, President Bola…The House of Representatives has urged the Central Bank of Nigeria to implement monetary policy adjustments to stabilise the currency.
According to him, the intention of the change is to allow market forces to determine naira value, but the alarming exchange rate has impacted Nigeria’s economy, causing untold hardship due to increased demand for dollars and a dollar shortage. “The inflation and the cost of living, depreciating Naira makes imported goods more expensive, leading to higher inflation rates and it is worrisome.
“A weaker and depreciating naira could increase Nigeria’s external debt servicing costs, potentially reducing government spending on critical sectors like healthcare and education. The legislators also urge the Federal Government to formulate policies and structural reforms to reduce corruption and promote economic diversification within the nation’s economy.
President Bola Tinubu has requested the House of Representatives’ confirmation of appointment for the positions of Chairman and members of the Governing Board of the Niger Delta Development Commission .
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