Naira Depreciation: Senate Explores Policy Options To Mitigate Impact On Nigerians

The Nigerian Senate has expressed deep concern over the prevailing depreciation of the naira against the greenback and other foreign currencies.

Senator representing Niger East and Chairman, Senate Committee on Finance, Sani Musa, in a statement issued at the weekend said, “State of the Nation Economy and Naira Depreciation,” called for concerted efforts by all relevant stakeholders to rescue and sustain its stability.

“The recent depreciation of the Naira underscores the need for proactive measures to safeguard the stability and resilience of our currency”, he said.

Senator Musa, who identified the depreciation in the value of the naira as a result of fluctuations in global oil prices, fiscal deficits, and structural imbalances in the economy, noted that there is “the need for proactive measures to safeguard the stability and resilience of our currency.”

The statement partly reads, “The Nigerian economy is facing significant challenges, exacerbated by both internal and external factors.

“Despite efforts to stabilise and bolster economic growth and the numerous initiatives, 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.

“The Senate Committee on Finance is closely monitoring the situation and is committed to working collaboratively with relevant stakeholders to implement effective policies and strategies.
“It is imperative that we address 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 Senate Committee on Finance is exploring a range of 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 economic growth and prosperity.

“As we navigate these uncertain times, I urge all Nigerians to remain vigilant and resilient. Together, we can overcome the challenges facing our economy and chart a path towards prosperity for all.”