The House of Representatives at plenary moved to adopt the 2018 policy that will recognise the Chinese Yuan as an official foreign currency for conducting business transactions in Nigeria to curb the continuous depreciation of the naira.
The House also mandated its committees on Banking Regulations, Banking, and Other Ancillary Institutions to liaise with the Central Bank of Nigeria (CBN) to explore the appropriate mechanisms, policies, and partnerships required for giving effect to the policy.
Adopting a motion sponsored by Hon. Jafaru Leko, the house said considering the volume of trade between Nigeria and China, the Chinese currency should serve as an official foreign exchange reserve currency alongside other major international currencies.
According to him, the International Monetary Fund proposed diversification of foreign exchange reserves for central banks of developing countries, including Nigeria.
Hon. Leko said the global economic landscape is evolving and international trade dynamics are shifting, with China assuming a leading role in global trade.
He said the People’s Republic of China has a stable and globally recognized currency, the Chinese Yuan (CNY), which is gaining recognition in international trade.
He said adopting the Chinese Yuan as an additional foreign exchange reserve currency might mitigate the adverse effects of Naira depreciation, reduce the risks associated with exchange rate fluctuations, and enhance Nigeria’s economic stability.
He argued that doing so would enhance Nigeria’s trade and economic ties with China, a crucial trading partner.
Hon. Julius Ihonvbare, the House Leader informed the house that the use of the Yuan was adopted as a policy by the government after the collapse of the price of crude oil in the international market, pointing out that what should be done is to implement the policy.
Chairman of the House of Representatives Committee on Interior, Hon. Ahmed Abdullahi, has pledged the Committee’s support to boosting the country’s internal security, through robust legislation and oversight mechanisms.
Hon. Aliyu Abdullahi gave the assurance on Wednesday at the National Assembly, during the Committee’s Inaugural Meeting.
The House’s Interior Committee, established by Order 20(B) Rule 63 of the House’s Standing Orders, is mandated to oversee certain Ministries, Departments and Agencies, MDAs, in accordance with Section 62 of the 1999 Constitution of the Federal Republic of Nigeria (as altered).
According to Abdullahi, the committee, composed of accomplished professionals and public servants, is well poised to fulfil its mandate, thanks to the trust bestowed upon us by our esteemed Speaker, Hon. Tajudeen Abass.
Hon. Abdullahi explained that the focus of their Committee lies in addressing the nation’s security challenges, with oversight responsibilities covering the Ministry of Interior, the Nigeria Security and Civil Defence Corps (NSCDC), the Nigeria Immigration Services (NIS), and the Federal Fire Service.
He said: “To enhance internal security, we pledge unwavering legislative support, emphasising the deployment of technology and robust hardware.
“Our oversight activities will be comprehensive, ensuring value for allocated resources to the MDAs. Priority will be given to the welfare and provision of adequate equipment for our personnel, enabling swift responses to distress calls”.
Hon. Aliyu Abdullahi called on his colleagues to contribute their ideas towards shaping the Committee’s future activities, in line with the mandate of the 10th House of Representatives and the Federal Government’s ‘Renewed Hope’ agenda.
“Let us collectively commit to positively contributing to the Committee’s activities, justifying the confidence placed in us by the entire House.
Concluding, he expressed gratitude to the Speaker, Deputy Speaker, and Principal Officers of the 10th House of Representatives for entrusting us with this responsibility.
“We anticipate tapping into your wealth of experience.”
