The House of Representatives Has Mandated the Committee on Banking Regulation to Investigate the Use of The United States Dollar and Other Foreign Currencies as Legal Tender for Domestic Transactions in Nigeria.
The House Called on The Apex Bank to Address the Impact of The Failing Naira Against the Dollar and Other Currencies, Urging It to Implement Monetary Policy Adjustments to Stabilise the Currency, Address Speculative Activities in The Forex Market, And Increase the Withdrawal Limit of The Naira to Reduce the Pressure on Dollars and Other Foreign Currencies.
These Resolutions Followed the Adoption of a Motion Moved by Ismaila Dabo Who Noted That in June, President Tinubu Through the Central Bank of Nigeria Announced Changes to The Country’s Foreign Exchange Market, To Allow Exchange Rate of Foreign Currencies to Be Determined by The Market and Not by The Central Bank of Nigeria.
The House Further Urged the Federal Government to Promote Exportation and Reduce Importation by Enhancing Foreign Investors’ Confidence in Its Fiscal and Monetary Policies.
