Senate explores policy options to mitigate impact of Naira depreciation

Disturbed by the latest depreciation of the Naira against major foreign currencies, the Senate through its Committee on Finance, has said that it is exploring a range of policy options to mitigate the impact of the currency’s decline in value and foster economic stability in the country.

The measures, according to the committee in a statement signed by its chairman, Senator Sani Musa (APC Niger East) and released on Sunday, include robust oversight of fiscal policies, engagement with key stakeholders and the formulation of targeted interventions to support key sectors of the economy.

Musa said the statement became necessary “to address the current state of the economy and the need for concerted efforts at tackling the instability and continuous depreciation of the Naira”.

This is even as he hoped that the “economic managers will adhere strictly to the norms and standards set by this administration to ensure that we achieve the desired outcomes in taking Nigeria to its economic growth and prosperity”, pledging the support of the National Assembly to the executive arm of government to achieve the set goals.

He, however, urged Nigerians to remain vigilant and resilient as they navigate these uncertain times, saying “together, we can overcome the challenges facing our economy and chart a path towards prosperity for all”.

The statement titled: ‘State of the Nation Economy and Naira Depreciation’, added, “The Nigerian economy is facing significant challenges, exacerbated by both internal and external factors.

“Despite efforts to stabilize and bolster economic growth, the numerous initiatives and bold but necessary steps and policy decisions taken by President Bola Tinubu, the persistent depreciation of the Naira against major foreign currencies has become a pressing concern.

“The recent depreciation of the Naira underscores the need for proactive measures to safeguard the stability and resilience of our currency.

“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.

“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.”