N1,500 Is Now $1: Lagos Lawmakers Advise to Tinubu on How to Rescue Naira

• The Lagos state lawmakers have expressed their deep concern over the continuous depreciation of the naira, which shows no sign of improvement
• The legislators have called on the federal government and the Central Bank of Nigeria to implement strict measures to halt the deteriorating situation
• Currently, the Nigerian naira is being exchanged at an all-time low of around N1,500 for one US dollar.

The Lagos state House of Assembly has expressed concern over the continuous fall of the naira against the dollar, which reached a record low of N1,500 on Tuesday.

The lawmakers, at plenary, advised the federal government and the Central Bank of Nigeria (CBN) to take urgent steps to restore the value of the naira and protect the economy.

The House approved a decision urging the federal government to decrease overseas trips for seminars and conferences by ministries and agencies, extending this to states as well.

Read also

NPA explains why it charges in dollar as EFCC begins arresting those spoiling naira

The house encouraged the CBN to educate Nigerians about the measures being implemented by the apex bank to alleviate pressure on the naira and the responsibilities expected from Nigerians during this period.

The Speaker of the House, Rt. Hon. Mudashiru Obasa, who chaired the meeting, voiced worry about the gap between the dollar and the naira. He commended the CBN for taking steps and anticipated positive outcomes.

He said:

"I think the CBN and government should educate people about their actions. The pressure on the naira is too much, but the CBN should prioritize national interest."

Obasa also suggested regulating religious pilgrimages, as they increase demand for dollars and harm the naira. He proposed continuing this regulation until the naira becomes stable.

Read also

NLC to Tinubu: Curb inflation or face N1 million minimum wage demand

He also mentioned that the government should avoid holding foreign conferences and seminars. Instead, they should invite experts to Nigeria to give their talks

He said Nigerians need to look inward and support the government, as some people demand dollars instead of naira for their businesses and even spray dollars at parties. He said Nigerians need to find a way out and support the government's efforts to save the naira.

The House also urged the CBN to engage the depositors of dollars in banks for an acceptable arrangement, where the government can utilise such funds to help reduce pressure on the naira. The House also stressed the need to strengthen security across the nation, as insecurity affects the economy.

Lagos lawmaker put smiles on constituents' faces, splashes cash

In a previous report by Legit.ng, Lagos State House of Assembly member Sanni Okanlawon emphasised the significance of sports in enhancing mental capabilities.

Read also

CBN sends message to Access, Zenith, UBA, others on ‘new’ dollar rates as IMTOs take action

The lawmaker conveyed this message during the culmination of his second tennis tournament.

Okanlawon underscored his commitment to nurturing talent from early stages to stardom.

Source: Legit.ng