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Foreign Exchange Rate: House of Reps Canvass Support for Tinubu’s Govt

Some members of the House of Representatives have urged Nigerians to support President Bola Ahmed Tinubu-led government to fix the economy.

The appeal followed the consideration of a motion on the “Need to Stabilise Nigeria’s Foreign Exchange Rate” moved by Hon. Beni Lar.

In her motion, Lar noted that on 14 June 2023, the Central Bank of Nigeria announced the unification of all foreign exchange market segments; however, on 17 July 2023, the US dollar was trading at 815 Naira to $1.

She said: “In July 1980, the exchange rate was $1 to 0.80Kobo. In July 2022, the rate was $1 to 670 Naira, while in July 2023, the exchange rate is now $1 to 815 Naira, shortly after the new administration had promised during the campaigns and upon inauguration to stabilise Nigeria’s exchange rate at N200 to $1.

In her prayers, Lar urged the House to call on the federal government to take necessary steps to stabilise the naira.

But speaking against the motion, some members considered it controversial because it was meant to tinker with the government’s recent policy of floating the naira.

They argued that stabilising the naira was a function of market forces and instead called for support for Tinubu’s government.

Those who spoke against the motion included Hon. Lawan Shetima Ali from Borno State, Hon. Leke Abejide from Kogi State and Hon. Ademorin Kuye from Lagos State.

In his remarks, Shetima said he had never heard Tinubu promise to bring the exchange rate from one dollar to N200 during the electioneering campaign.

Also speaking, Hon. Abejide said: “This exchange rate cannot be done by fiat but market forces. It had to be done by production and not importation. I believe the government is in the right direction”.

Similarly, Kuye, in his contribution, said, “I find it difficult to sit down and support the disjointed nature of the motion. Nigeria had done lowest inflation rates”.

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