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  • Updated: April 28, 2024

Senate raises alarm over depreciation of Naira

Senate raises alarm over depreciation of Naira

Senator Sani Musa, representing Niger East and serving as Chairman of the Senate Committee on Finance, has raised concerns about the ongoing depreciation of the Nigerian naira against major foreign currencies.

In a statement on Saturday titled "State of the Nation Economy and Naira Depreciation," Senator Musa emphasized the need for collaborative efforts from all stakeholders to address and maintain the stability of the currency.

He attributed the depreciation of the naira to various factors, including fluctuations in global oil prices, fiscal deficits, and structural imbalances within the economy.

Senator Musa underscored the urgency of implementing proactive measures to safeguard the stability and resilience of the naira in the face of these challenges.

He reaffirmed the commitment of the Senate Committee on Finance to closely monitor the situation and work collaboratively with relevant stakeholders to implement effective policies and strategies.

“The Senate Committee on Finance is exploring a range of policy options to mitigate the impact of Naira depreciation and foster economic stability.

“This includes robust oversight of fiscal policies, engagement with key stakeholders, and the formulation of targeted interventions to support key sectors of the economy.

“It is also the hope of the committee that our economic managers will adhere strictly to the norms and standards set by this administration to ensure that we achieve the desired outcomes in taking Nigeria to economic growth and prosperity.

“As we navigate these uncertain times, I urge all Nigerians to remain vigilant and resilient. Together, we can overcome the challenges facing our economy and chart a path towards prosperity for all.”

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