This inquiry was initiated on Tuesday through an order sent to the Committee on Banking Regulation.

In addition to the probe, the House of Representatives has urged the Central Bank of Nigeria (CBN) to address the depreciation of the Naira concerning the US dollar and other foreign currencies. They have requested that the CBN adjust its monetary policy to stabilize the Naira's value, tackle speculative activities in the foreign exchange market, and increase the Naira's withdrawal limit to alleviate pressure on foreign currencies.

Furthermore, the House of Representatives has called on the Federal Government to implement structural changes and measures to fight corruption and promoting diversification in the nation's economy.

They have also encouraged the government to enhance foreign investors' confidence in fiscal and monetary policies, with the goal of stimulating exports and reducing imports.

To oversee compliance efforts, the National Security and Intelligence Committee and the Committee on Banking Regulations have been instructed to engage with the Nigerian Central Bank.

These resolutions were passed following the approval of Hon. Ismaila Dabo's motion. It is worth noting that in June 2023, President Bola Tinubu pledged reforms to the foreign exchange market, aiming to rely on market rates for buying and selling foreign currencies rather than the rates set by the CBN.

The House of Representatives emphasized that approximately 90% of Nigeria's total export revenue comes from oil, which is the backbone of the nation's economy. Fluctuations in global oil prices significantly affect the local foreign exchange market, contributing to the Naira's loss of value.