In response to the ongoing depreciation of the naira against the dollar, the Lagos State House of Assembly has raised concerns and recommended measures to the Federal Government to address the economic challenges faced by the nation.
The lawmakers called for a reduction in foreign trips for seminars and conferences by government ministries and agencies, urging a similar approach at the state level.
As of Tuesday, the exchange rate for a dollar ranged between N1,474 and N1,500, prompting the Assembly to advise the Federal Government and the Central Bank of Nigeria (CBN) on decisive actions to stabilize the naira’s value.
Among the resolutions made during the Assembly’s plenary session, members emphasized the importance of strengthening national security and called on the CBN to engage in sensitization campaigns to inform the public about measures being taken to alleviate pressure on the naira.
They suggested involving depositors of dollars in banks for acceptable arrangements that could assist the government in reducing pressure on the national currency.
Speaker of the House, Rt. Hon. Mudashiru Obasa acknowledged the efforts of the CBN and called for increased awareness to help citizens understand the government’s actions.
He proposed regulating religious pilgrimages as they tend to attract undue interest in dollars, further straining the naira.
“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,” Obasa stated.
Hon. Femi Saheed (Kosofe Constituency 2) raised concerns about the policies of the CBN and suggested moral suasion to encourage individuals to withdraw dollars from their domiciliary accounts, emphasizing the need to address structural issues such as fixing refineries and strengthening key sectors like education and health.
The Lagos State Assembly’s recommendations come in the wake of growing economic challenges and the need for concerted efforts to stabilize the national currency.
