By Dosu Deborah Oluwatimilehin (SIWES student, Adeseun Ogundoyin Polytechnic Eruwa)
The Senate Committee on Banking, Insurance, and Other Financial Institutions, convened an emergency session to address the persistent decline of the Naira against the U.S. Dollar.
The Committee, chaired by Senator Aetokunbo Abiru, expressed deep concerns over the economic repercussions of the Naira’s depreciation, including escalated living costs, inflation, and business expenses.
Following a closed-door meeting, Senator Abiru disclosed the Committee’s decision to summon the Central Bank of Nigeria Governor, Olayemi Cardoso, stressing the urgency for concrete measures to stabilize the Naira and restore investor confidence.
Senator Abiru underscored the pressing need for collaborative efforts between the legislature, the CBN, and other stakeholders to tackle the economic challenges facing Nigeria.
He highlighted the detrimental effects of high inflation rates and escalating living costs on Nigerians’ livelihoods, urging swift actions to remedy the situation.
Emphasizing transparency and accountability, Senator Abiru affirmed the Committee’s commitment to keeping the public informed about their deliberations and strategies to address the economic downturn.
Beyond the Naira’s decline, Senator Abiru addressed broader economic issues such as unemployment, trade deficits, and the imperative for structural reforms.
He advocated for diversification away from oil dependency towards sectors like agriculture, manufacturing, and services.
Additionally, he emphasized the necessity for improved infrastructure and a conducive business environment to foster economic growth and prosperity for Nigerians.
