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Why the Naira Is Still Decreasing - Senate

The Senate Committee on Finance Chairman, Mohammed Sani Musa, personally signed a statement stating that although the country is still working to bring the economy and country back on track, the devaluation of the naira is being caused by both internal and foreign factors.

In light of the current status of the economy and the necessity of coordinated actions to address the instability and ongoing devaluation of the Naira, I am making this remark.

"Both internal and foreign forces are making the Nigerian economy's problems worse.

"The persistent devaluation of the Naira versus major foreign currencies has occurred despite efforts to stabilize and bolster economic growth, the numerous initiatives, daring but necessary moves, and policy decisions taken by President Bola Ahmed Tinubu GCFR.

It is now urgently concerning that the Naira keeps losing value in comparison to major international currencies, stated Musa.

The Senator states that "proactive measures are necessary to safeguard the stability and resilience of our currency, as the recent depreciation of the Naira has demonstrated." The Senate Committee on Finance is dedicated to collaborating with pertinent parties in order to enact efficient policies and plans, and it is actively monitoring the situation.

"We must address the underlying causes of the depreciation of the Naira, which include but are not limited to changes in the price of oil globally, fiscal deficits, and structural imbalances within the economy.

Regarding the Nigerian naira issue, Musa stated, "Furthermore, we must continue to enhance transparency and accountability in our fiscal management processes to instill confidence in investors and promote sustainable economic growth."

According to Musa, the Senate Committee on Finance is looking into a number of policy measures to lessen the effects of the Naira's depreciation and promote economic stability in an effort to find a solution to the declining value of the currency.


This entails close monitoring of fiscal policy, interaction with important parties, and development of focused actions to assist important economic sectors.


The committee also hopes that our economic managers will rigorously follow the guidelines and standards established by this government in order to guarantee that we attain the intended results in leading Nigeria to economic progress and prosperity. As we promise to provide every chance and legislative assistance to the President and his executive branch of government to accomplish the objectives.

"As we move through I implore all Nigerians to be watchful and resilient in these difficult times. "By working together, we can surmount the obstacles confronting our economy and create a route towards prosperity for everybody," he continued.


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