Lagos Assembly condemns naira devaluation


A resolution has been adopted by the Lagos State House of Assembly condemning the ongoing devaluation of the naira in relation to the U.S. dollar.

Tuesday, during a plenary session presided over by the Speaker, Mr. Mudashiru Obasa, the house approved the resolution.

Legislators expressed concern over the naira’s unrestrained depreciation and demanded immediate interventions to halt the trend.

Legislators expressed their appreciation to the central bank for implementing certain measures to tackle the issue and expressed optimism that these efforts would lead to favorable outcomes.

In his commentary, Obasa recommended that the Federal Government and the Central Bank of Nigeria (CBN) undertake decisive measures in order to save the domestic currency.

The Speaker stated that the Federal Government could strengthen the naira by limiting the number of overseas seminars and conferences that departments, ministries, and agencies attend.

Obasa further exhorted states to contribute to the preservation of the naira by cessation of overseas conferences and seminars.

"We can, if at all possible, arrange for the resource persons to deliver their lectures in Nigeria."We must all turn inward in order to aid the government.

“At the local level, some Nigerians conducting business prefer dollars to naira.” Presently, even at social gatherings, individuals spray dollars rather than naira.

“We require a way out, and in order to do so, we require government support.”
That precisely how sensitization operates.

Obasa proposed that dollar depositors in institutions be persuaded to participate in a mutually agreeable arrangement in which the government could use the funds to alleviate pressure on the naira.

Additionally, he expressed his approval of the National Assembly’s recent invitation of the CBN governor to a discussion on the matter.

Obasa advocated for governmental regulation of religious pilgrimages as a means to alleviate the strain on the naira.
This course of action, he continued, could be maintained until the naira regains stability.

Prior to this, Mr. Femi Saheed (Kosofe II) stated in a ‘Matter of Urgent Public Importance’ that the current naira-dollar exchange rate was a direct result of the CBN’s policies, which were headed by Godwin Emefiele.

He asserts that the naira will appreciate in value through the implementation of measures such as repairing the country’s refineries and bolstering the education and health sectors.

“As a measure to preserve the naira, I believe the current CBN governor should employ moral persuasion to convince individuals to withdraw dollars from their domicile account,” he stated.