Reps to Meet CBN Governor over Naira Devaluation and Forex Crisis

The House of Representatives has resolved to engage the Governor of the Central Bank of Nigeria, CBN, Yemi Cardoso, on the state of the nation’s foreign exchange market and the devaluation of the naira. This was the outcome of a motion moved by Ismaila Dabo on Tuesday during plenary.

Dabo expressed concern over the negative impact of the government’s foreign exchange policy on the economy and the welfare of Nigerians. He noted that the demand for dollars has exceeded the supply, leading to a scarcity of foreign currency and a depreciation of the naira.

He said that despite the unification of the exchange rate in June, Nigeria’s foreign exchange inflows have remained low, while the black market rate has soared to nearly N1000/$.

He added that this situation has made it difficult for businesses and individuals to access foreign exchange for legitimate purposes.

He also lamented that some people are exploiting the forex crisis by using dollars for domestic transactions, especially in the aviation and real estate sectors. He described this practice as criminal and urged the government to intervene.

Other lawmakers who supported the motion also called for urgent measures to address the forex crisis and stabilize the naira. They suggested that the government should implement policies and reforms that would reduce corruption, promote economic diversification, enhance foreign investors’ confidence, and boost exportation.

The House then mandated its committees on Banking Regulations and National Security and Intelligence to interface with the CBN Governor and report back within four weeks.

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