Reps decry fall of naira

House of Representatives members

The House of Representatives on Wednesday expressed concern over continuous fall of the naira against major currencies and resolved to investigate the foreign exchange transaction process.

This was a sequel to a motion entitled “Call for Investigation of the Central Bank of Nigeria’s Forex Policies” sponsored by Rep. Ali Isa (PDP-Gombe).

Moving the motion, Isa said that in spite of the weekly releases of foreign exchange by the Central Bank of Nigeria (CBN) to the Bureau de Change (BDCs) and the banks, the value of naira had continued to depreciate.

Contributing to the debate, Rep. Mojeed Alabi (APC-Osun) expressed dismay that the CBN governor had continued to turn down invitations to him to the house to explain some of the fiscal policies to the legislators.

According to him, for failing to honour the summons of the house over the falling value of the naira, the CBN governor and his team should be sacked.

Also, Rep. Olawale Raji (APC-Lagos) decried the poor state of the naira and inconsistent fiscal policies, saying that Nigeria was the only country where “black market” figures were quoted as official.

“Who is in charge of our Forex, CBN or the black market? This is the only country in the world where the black market rates are quoted on television.

“If Nigeria were to be a normal country, the CBN governor and his team should be sacked,” he said.

However, the Minority Leader of the house, Rep. Leo Ogor, called for restraint on the issue, saying that the situation did not warrant the call for the removal of CBN governor.

He said that the legislature in conjunction with executive should find a solution to the problem.

“The only thing we do is pay lip service,” he added.

After the debate, the lawmakers resolved to set up an ad hoc committee to interact with the BDCs and other establishments that receive foreign exchange directly from the CBN to give a detailed explanation of how they utilised the funds.

Comments

Houthis Claim Attack on Central Israel in Response to Gaza ‘Massacres’

The ongoing conflict between Israel and Hamas has taken a concerning regional turn as the Houthi rebels in Yemen claimed responsibility for an attack on central Israel. The group announced this as part of their escalating response to what they describe as "massacres" in Gaza amid the Israeli military’s operations in the strip. Details of the Attack The Houthis, a Shiite militant group with ties to Iran, declared that they launched missile and drone strikes targeting Israel. While the exact impact of these attacks remains unclear, reports suggest that Israel’s defense systems intercepted several threats over its airspace. This marks a significant escalation as the Houthis widen their involvement in the conflict beyond their typical operations within Yemen and neighboring Saudi Arabia. The Houthis’ Justification In their statement, the Houthis framed the attack as retaliation for Israel’s military actions in Gaza, which they characterized as indiscriminate bombings resultin...

Fire: UniJos Senate convenes emergency meeting on Monday

Fire at the University of Jos Library University of Jos is to convene an emergency senate meeting on Monday to review the level of damage done to the institution by the Saturday night inferno. The Vice Chancellor, Prof. Sebastian Maimako, disclosed this on Sunday after inspecting areas affected by the incident. The fire, which lasted for more than six hours, destroyed the Library Complex that equally houses the faculties of management and social sciences. The fire also destroyed examination scripts, books and very crucial materials. Consequently, the vice-chancellor said “the Senate will meet tomorrow (Monday) to take a decision about the unmarked examination scripts that were burnt.” On the cause of the inferno, Maimako said investigation had commenced, adding that “nothing has been confirmed yet. We are still investigating.” The vice chancellor said the school was already working with federal authorities toward establishing a main fire station since the mini fire station in t...

Fall of Assad is a Blow to Russia's Prestige

The potential fall of Syrian President Bashar al-Assad, a long-standing ally of Russia, would mark a turning point in Moscow’s global influence, particularly in the Middle East. Steve Rosenberg’s analysis underscores the profound implications for Russia, which has invested heavily—both militarily and politically—in ensuring Assad’s survival over the past decade. This article delves into why Assad’s downfall would strike at the core of Russian prestige and what it could mean for the broader geopolitical landscape. Russia's Strategic Commitment to Syria Since the outbreak of the Syrian civil war in 2011, Russia has been a staunch supporter of Assad's regime. In 2015, Moscow launched a military intervention that proved decisive in stabilizing Assad’s hold on power. This intervention solidified Russia's role as a key power broker in the Middle East and demonstrated its willingness to project military power far beyond its borders. Syria is not just an ally for Russia; it is a...

Global Naija Info

Search This Blog