Emmanuel OchayiThe Nigerian currency, Naira, has shown signs of strengthening against the United States dollar, appreciating by N125 to reach N1,275/$1 over the weekend. This represents a 9.8% increase compared to N1,400/$1 on Friday.
Currency traders attributed the fluctuations to trading uncertainty and urged the government to take decisive action to stabilize the market.
The Senate Committee on Finance has called for concerted efforts to tackle the instability and continuous depreciation of the Naira, emphasizing the need for proactive measures to safeguard the stability and resilience of the currency.
The recovery in value coincides with plans by the Association of Bureaux De Change Operators of Nigeria to unify the retail end of the foreign currency market, aimed at tackling volatility and boosting regulatory compliance.
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Despite efforts to stabilize the economy, the Naira has lost 26.2% in two weeks, and the Senate Committee on Finance is exploring policy options to mitigate the impact of Naira depreciation and foster economic stability.
Senator Sani Musa, Chairman of the Committee, urged all Nigerians to remain vigilant and resilient, emphasizing that together, we can overcome the challenges facing the economy and chart a path toward prosperity for all.
He said, “The recent depreciation of the Naira underscores the need for proactive measures to safeguard the stability and resilience of our currency.
The Nigerian economy is facing significant challenges, exacerbated by both internal and external factors.
“Despite efforts to stabilize and bolster economic growth, the numerous initiatives and 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 finance chairman lamented.
Senator Musa added, “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.
