Lagos Assembly Decries Naira's Continuous Depreciation

Expand the non-oil industry to encourage the local currency, says Kasumu.
Lagos house of Assembly
Lagos house of Assembly Premium Times

The Lagos State House of Assembly has expressed dissatisfaction with the ongoing depreciation of the Naira and has directed the federal government, the Central Bank of Nigeria (CBN), and the Ministry of Mineral Resources to start educating Nigerians about their efforts to fortify the currency.

The call was made by Hon. Obafemi Saheed in a plenary session, citing the currency's detractors as a "Matter of Urgent Public Importance" due to market pressures.

After members took turns expressing their opinions on the wild collapse of the Naira, Speaker of the House Rt. Hon. Mudashiru Obasa stated that CBN ought to regulate the system, and urged the Federal Government and the Ministry of Mineral Resources to collaborate.

Shaheed, who brought up the issue, pointed out that several variables, such as the importation of food, petrol pump price, transacting in dollars, and the payment of international students' tuition in foreign currencies, are pushing pressure on the local currency.

In agreement with his colleagues, Hon. Adedamola Kasumu, the Deputy Majority Leader, suggested that the government expand the non-oil industry to encourage the local currency.

Lending his voice on the matter, Hon. Age Sulaimon stated, “The dollar is a global currency and that cannot be exempted. We have different reserves that are individually owned which cannot be accounted for. This makes it difficult to reap the best of revenue.”

Hon. Afinni Olanrewaju advocated more transparency from the Nigerian National Petroleum Corporation in his report.

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