The Senate has expressed concern over the prevailing depreciation of the naira against the greenback and other foreign currencies.
Senator representing Niger East and Chairman, Senate Committee on Finance, Sani Musa, in a statement at the weekend, “State of the Nation Economy and Naira Depreciation,” called for concerted efforts by all relevant stakeholders to rescue and sustain its stability.
Musa, who identified the depreciation in the value of the naira as a result of fluctuations in global oil prices, fiscal deficits, and structural imbalances in the economy, noted that there is “the need for proactive measures to safeguard the stability and resilience of our currency.”
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According to a statement which partly reads, “The Nigerian economy is facing significant challenges, exacerbated by both internal and external factors.
“It is imperative that we address the root causes of Naira depreciation, including but not limited to fluctuations in global oil prices, fiscal deficits, and structural imbalances in the economy.
“The Senate Committee on Finance is closely monitoring the situation and is committed to working collaboratively with relevant stakeholders to implement effective policies and strategies.
“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.”
