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Monday, December 11, 2023

Reps To Quiz Sanusi, Okonjo-Iweala Over Naira Devaluation



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Teddy Oscar, Abuja

The House of Representatives on Wednesday mandated its committees on Finance, Banking and Currency, and National Planning and Economic Development to engage the minister of finance, Dr. Ngozi Okonjo-Iweala, and the governor of the Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi, on the continued devaluation of the Naira.

Sequel to a resolution, which was passed on the floor of the House, the committees were charged to make the report of their assignment available to the House within six weeks.

Rising on the floor of the House to present a motion on the ‘need to check the continuous devaluation of the Naira’, Hon. Odebunmi Olusegun Dpkun, wwho traced the history of Naira and Kobo before the establishment of the West Africa Currency Board in 1973, lamented the depreciation of the Naira till date.

Ngozi Okonjo-Iweala

Dokun observed that the nation’s economy in the future would be in serious danger, if the downward trend continues to persists.

“There has been a continuous decrease in the Naira value over the years against major currencies in the world.

“A critical look at these last few years, taking the US Dollar as a basis for comparison shows that around 1990 to 1993, it was about N28 to a Dollar; around 1994 to 1996, it was about N40 to a Dollar; around 1996 to 1999, it was about N80 to a Dollar; around 1999 to 2007, it was about N140 to a Dollar; and around 2007 to date, it is about N158 to a Dollar.

“This has shown that a continuous devaluation in Naira without any improvement, and if this downward trend persists, it will affect Nigeria’s economy and the future of the nation in general,” he said.

The motion was, thereafter, referred to the aforementioned committees, after it was adopted.

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