The representative for Yewa North/Imeko-Afon Federal Constituency in the House of Representatives, Gboyega Isiaka, has called upon monetary policy authorities to take decisive measures to halt the depreciation of the naira.
He emphasized the crucial necessity of maintaining a stable foreign exchange rate to bolster the economy, especially in supporting the growth of the private sector.
Isiaka, while responding to discussions regarding President Bola Ahmed Tinubu’s 2024 ‘Renewed Hope Budget’ on the House floor, cautioned against speculative actions that might weaken the strength of the naira.
“As our fiscal ecosystem is getting settled and organized, we need a more stabilised foreign exchange rate, particularly because of the private sector.
“I urge our monetary policy managers that as we maintain the exchange rate along its fundamental path, we should also be wary of ‘Self prophesying speculative attacks’ at the naira because this is part of the factors that are believed to have contributed to what we have today as the exchange rate,” he said in Abuja.
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