Lagos Assembly Charges CBN To Reduce Demand For Dollars By Nigerians

Lagos Assembly Charges CBN To Reduce Demand For Dollars By Nigerians

The Central Bank of Nigeria (CBN) has been tasked to stem the demand for dollars by Nigerians so that naira could regain its lost value in the international market.

Leading other lawmakers to move a Motion on the floor of the Lagos State House Assembly on Monday, Hon. Rotimi Olowo, stated that the value of naira fell against the dollars due to importation of consummables by Nigerians and that the currency has almost been turned to toilet roll.

Olowo, who spoke under the title; “Need To Control The Decline In The Value of Naira” added that it was disturbing that some organisations were demanding for payment in dollars as against the CBN law that only naira should be accepted as means of exchange for goods in the country.

“We want the President of Nigeria to direct the Minister of Power to ensure regular supply of power in the country and to direct the Governor of the CBN to stop the demands for dollars in the country and the Minister of Information should embark on campaign for Nigerians to patronise locally produced goods,” he said.

The lawmaker stressed that Nigeria is a consuming economy and that the nation keeps importing, while exposing the country is being exposed to external manipulations.

According to him, the Bank Of Industries (BOI) and other specialised banks should assist local companies so that they could produce locally and that Nigerians should reduce their demands for foreign goods.

The Speaker of the House, Rt. Hon. Mudashiru Obasa emphasised that Nigeria has a lot on her hands and that the Federal Government should amend the nation’s constitution so that each state would be allowed to generate electricity and distribute such to the people.

“The Federal Government should be concerned about policies that would make all sectors meaningful. They should put necessary infrastructures in place and ensure safety of lives and properties.

“Our people should patronise Made in Nigeria goods and we should not allow dollars as means of exchange in the country. We have to change our attitude and ways so that we could develop our economy,” he said.

The Speaker also advised that the government should provide qualitative education and medical facilities, adding that patronising made in Nigeria goods would lead to more jobs for the people.

In his contribution, Hon. Gbolahan Yishawu expressed concern that Nigerians were dollarising the economy, and that electricity is a factor in the whole process of revamping the economy.

He stated that the CBN should use its regulatory tools to bring interest rate to a single digit.

Also speaking, Hon. Yinka Ogundimu stated that the economy calls for concern and that it is easier said than done that the people should patronise locally made goods.

He explained that we operate an open economy in the country and that we now operate a monolithic economy unlike in the past, when we depended on agriculture.

“We used to be number one cocoa producer in the world, now we are in a distant number four. While Ghana is in number three with a production of 900,000 tonnes of cocoa per annum, Nigeria is in number 3 with 300,000 tonnes of cocoa yearly.

“Our banks are no longer into banking, they only run after ready-made activities and not productivity. We need electricity and conducive atmosphere in the country,” he said.

Speaking on the matter, Hon. Dayo Saka-Fafunmi emphasised that our monetary and fiscal policies should be reviewed and that monetary policy is a function of the CBN.

He said that it is better we allow more money into the economy as it was being done in the past, adding that Nigeria should embrace large scale farming as it is being done in the United States of America (USA).

Hon. Abiodun Tobun, in his own contribution, said that Nigerian leaders should be determined and that we should encourage the development of cottage industries in the country.

Another lawmaker, Hon. Moshood Oshun wondered why Nigerians beg other countries to take them as slaves.

Oshun stated that Nigerians travel abroad for medical treatment, send their children to school abroad and even pay rents in dollars in places like Ikoyi area of Lagos.

The Majority Leader of the House, Hon. Sanai Agunbiade revealed that the solution is in increasing the nation’s productivity.

He expressed concern that a lot of countries relocated from Nigeria due to epileptic power supply and that the nation’s economy would be restored if there is 24-hour power supply.

Hon. Olumuyiwa Jimoh however, disagreed that the nation’s problem is poor electricity, and that it all bothers on social problem and that people are ready to pay tariff, but that they don’t have confidence in the government.