Reps Summons Okonjo-Iweala, Sanusi over Shrinking Naira

The House of Representatives has mandated its committees to invite the Minister of Finance, Ngozi Okonjo-Iweala and the Governor of the Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi over continuous devaluation of the naira.
The CBN governor and the Coordinating Minister of the Economy are expected to brief the committees on the measures being taken to curb the ugly trend of devaluation of the naira.
The committees are Finance, Banking and Currency, National Planning and Economic Development and are expected report back to the House within six weeks.
The resolution followed a motion entitled: “Need to Check the Continuous Devaluation of the Naira” sponsored by Odebunmi Olusegun (ACP-Oyo), which was adopted without debate by the House.
Olusegun had, while moving the motion, said that the naira and Kobo were introduced in 1973 with Naira as an equivalent of 10 shillings and Kobo which serves as a minor currency.
“Then, Naira was more than US dollars in value and a bit less than the United kingdom pound sterling,” he said.
He said that there has been a continuous decrease in the value of the Naira over the years against major currencies in the world.
“There has been a continuous decrease in the naira value over the years against major currencies in the world and a critical look at these years, taking the US dollar as a basis for comparisons, shows that.
“Around 1990 to 1993 it was about N28 to a dollar, around 1994 to 1996 it was about N40 to a dollar, 1996 to 1999 it was about N80 to a dollar, around 1999 to 2007 it was about N140 to a dollar”.
He expressed concern that if the downward trend persisted, it would affect Nigeria’s economy and the future of the country in general.
The lawmaker urged his colleagues to support the motion to check the continuous devaluation of the naira.
The motion, which was not opposed, was referred to the relevant committees for more inputs.

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