Senate Calls for Urgent Action to Stabilize Naira as Currency Continues to FallSenate Calls for Urgent Action to Stabilize Naira as Currency Continues to Fall

Senate Calls for Urgent Action to Stabilize Naira as Currency Continues to Fall

Senator Sani Musa, Chairman of the Committee, emphasized the need for concerted efforts from all stakeholders to address the root causes of the naira's instability. He highlighted the significant challenges facing the Nigerian economy, including internal and external factors, and urged proactive measures to safeguard the currency's stability and resilience.

The Senate Committee on Finance has expressed deep concern over the continued depreciation of the naira against major foreign currencies, particularly the US dollar. Despite efforts to stabilize the economy, the naira has persisted in its decline, reaching a record low of N1,309.88 on April 25.

Senator Sani Musa, Chairman of the Committee, emphasized the need for concerted efforts from all stakeholders to address the root causes of the naira's instability. He highlighted the significant challenges facing the Nigerian economy, including internal and external factors, and urged proactive measures to safeguard the currency's stability and resilience.

The committee is closely monitoring the situation and working collaboratively with relevant stakeholders to implement effective policies and strategies. They are exploring various policy options to mitigate the impact of naira depreciation and foster economic stability, including robust oversight of fiscal policies, engagement with key stakeholders, and targeted interventions to support key sectors of the economy.

Senator Musa urged economic managers to adhere strictly to the norms and standards set by the administration to achieve desired outcomes and ensure Nigeria's economic growth and prosperity. He also called on Nigerians to remain vigilant and resilient, emphasizing that together, we can overcome the challenges facing our economy and chart a path towards prosperity for all.

The Senate's call to action highlights the urgent need for collective efforts to address the naira's depreciation and ensure economic stability. As the economy faces significant challenges, it is crucial for all stakeholders to work together to implement effective solutions and safeguard Nigeria's economic future.

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