The Senate on Sunday, April 28, raised concerns about what it described as “persistent depreciation of the Naira” 

The chairman Senate Committee on Finance, Senator Sani Musa (APC – Niger East) who raised the alarm in a statement in Abuja, however called for concerted efforts by all relevant stakeholders to stabilise the Naira.

“The recent depreciation of the Naira underscores the need for proactive measures to safeguard the stability and resilience of our currency,” Musa said.

The statement titled: “State of the Economy and Naira Depreciation,” reads: “The Nigerian economy is facing significant challenges, exacerbated by both internal and external factors.

“Despite efforts to stabilize and bolster economic growth, the numerous initiatives and bold but necessary steps and policy decisions taken by President Bola Tinubu, the persistent depreciation of the Naira against major foreign currencies has become a pressing concern.

“The recent depreciation of the Naira underscores the need for proactive measures to safeguard the stability and resilience of our currency.

“The Senate Committee on Finance is closely monitoring the situation and is committed to working collaboratively with relevant stakeholders to implement effective policies and strategies.

“It is imperative that we address the root causes of Naira depreciation, including but not limited to fluctuations in global oil prices, fiscal deficits, and structural imbalances in the economy.

“The Senate Committee on Finance is exploring a range of policy options to mitigate the impact of ……………