Reps have voted against the motion on exchange rate to stabilise the currency. It was argued that the exchange rate is worsening the inflationary situation and the cost of doing business in Nigeria.
Beni Lar, a member of the House of Reps, representing the Langtang North/Lantang South Federal Constituency of Plateau State, argued in a motion on the floor of the House on Wednesday.
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The motion titled, ‘Need to stabilise Nigeria’s foreign exchange rate,’ that if nothing was done to stabilise the exchange rate, N1,000 could exchange to a dollar.
“In July 1980, the exchange rate was $1 to 0.80 Kobo, in July 2022, the rate was $1 to 670 Naira; and in July 2023, the rate is now $1 to 815 Naira, shortly after the new administration promised during the campaigns and upon inauguration to stabilise the exchange rate at N200 to $1.”
“In the 1980s, Nigeria produced or grew the majority of the food and products consumed.”
Today, the Nigerian economy is primarily dependent on imports, which is the source of the current deplorable exchange rate.
“Since the naira’s floating by the single exchange rate, imports of vehicles and other commodities have decreased.”
The impact of unified exchange rates has caused Nigerian students overseas to face tuition fee increases of more than 60%, rendering the money in their bank accounts insufficient to pay school fees due to naira depreciation.”
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She also stated that “the naira has been rapidly depreciating against the US dollar, euro, and pound sterling, causing price increases of goods and services, thereby worsening the inflationary situation and the cost of doing business in Nigeria.
“The high prices of goods and services are taking a huge toll on average Nigerians, making lives unbearable.”
