The Senate has called for concerted efforts by all relevant stakeholders to rescue and sustain the stability of the Naira.
The Nigerian currency persisted in its decline against the United States dollar within the official exchange framework, concluding at N1,309.88 last Thursday.
Last week, the Naira recovered against the US dollar at the parallel market, but began to depreciate again.
In a statement on Sunday, the Chairman of the Senate Committee on Finance, Senator Sani Musa (APC, Niger East) said there was an urgent need for concerted efforts at tackling the instability and continuous depreciation of the naira.
He said: “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.
“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”,.
Musa added that the committee “is closely monitoring the situation and is committed to working collaboratively with relevant stakeholders to implement effective policies and strategies,” stressing 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.
“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.”
Musa 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”.
