Reps Stop Move To Peg Foreign Exchange Rate

The House of Representatives at plenary on Wednesday voted against a motion, seeking the stability of the foreign exchange rate. LEADERSHIP reports.Information Guide Nigeria

The motion was sponsored by Hon. Beni Lar (PDP) who recalled that the Central Bank of Nigeria (CBN) had on June 14, announced the unification of all segments of the foreign exchange market but as of July 17, the US dollar was trading at N815 to $1.

👉 Relocate to Canada Today!

Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to Canada

The House also urged the Central Bank of Nigeria (CBN) to restore back the operational licenses hitherto revoked license to 47 Microfinance Banks across the country, pending the conclusion of investigation.

Other Top Stories:

Also, the House invited the leadership of international airlines and other stakeholders in the aviation sector to explain the price hikes in ticketing fares and proffer lasting solutions.

Continuing, Lar said if this is not reversed, $1 could be exchanged for N1,000 by December 2023, and the current economic situation may trigger an inflationary spiral that may throw Nigeria into economic recession and depression.

She argued that: “In July 1980, the exchange rate was $1 to 0.80Kobo, in July 2022, the rate was $1 to N670, while in July 2023, the exchange rate is now $1 to N815,shortly after the new administration had promised during the campaigns and upon inauguration to stabilise Nigeria’s exchange rate at N200 to $1.

“In the 1980s, most of the food and products consumed were grown or produced in Nigeria, today the Nigerian economy is mainly dependent on importation and there lies the source of the terrible exchange rate we are now experiencing.”NYSC Portal