BEVERLY HILLS, CA, October 23, (THEWILL) – The House of Representatives on Wednesday invited the Coordinating Minister of the Economy and Minister of Finance, Dr. Ngozi Okonjo_Iweala, and Central Bank of Nigeria (CBN) governor, Mallam Sanusi Lamido Sanusi, to appear before it and shed light on the continued devaluation of the nation’s currency, Naira.
In passing the resolution, the House mandated its Committee on Finance, Banking and Currency, as well as National Planning and Economic Development Committee to undertake the assignment and report back to the House within six weeks.
This resolution followed the adoption of a motion sponsored by Hon. Odebunmi Olusegun Dokun (PDP, Oyo) entitled the ‘Need to check the continuous devaluation of the Naira.’
In his lead debate, the lawmaker traced the history of Naira and kobo, saying before the establishment of the West African Currency Board in 1973, Nigeria used various forms of money, including cowries, and manilas until the legal tender status changed to reflect Nigeria as a sovereign nation in 1962.
He said the Naira and Kobo were introduced in 1973 as an equivalent of 10 shillings and the Naira was more in value than dollar and a bit less than the UK pound sterling.
Lamenting the depreciation of the Naira, Dokun observed that the nation’s economy in the future would be in serious danger.
“There has been a continuous decrease in the Naira value over the years against major currencies in the world.
“A critical look at these last few years, taking the US Dollar as a basis for comparison shows that around 1990 to 1993, it was about N28 to a Dollar; around 1994 to 1996, it was about N40 to a Dollar; around 1996 to 1999, it was about N80 to a Dollar; around 1999 to 2007, it was about N140 to a Dollar; and around 2007 to date, it is about N158 to a Dollar.
“This has shown that a continuous devaluation in Naira without any improvement, and if this downward trend persists, it will affect Nigeria’s economy and the future of the nation in general,” he said.
By Saint Mugaga, Abuja
