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House Of Representatives Investigates The Utilization Of US Dollars As An Accepted Means Of Exchange For Domestic Transactions

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House Of Representatives Investigates The Utilization Of US Dollars As An Accepted Means Of Exchange For Domestic Transactions....KINDLY READ THE FULL STORY HERE▶

The House of Representatives (Reps) issued a directive on Tuesday, October 10, instructing the Committee on Banking Regulation to investigate the utilization of the United States Dollar and other foreign currencies as an accepted means of exchange for domestic transactions within Nigeria.

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Additionally, the House called upon the Central Bank of Nigeria (CBN) to address the adverse effects of the weakening Naira against the US Dollar and other foreign currencies. It urged the CBN to implement monetary policy adjustments aimed at stabilizing the Naira, curbing speculative activities in the forex market, and increasing the withdrawal limit of the Naira to alleviate the pressure on foreign currencies.

Furthermore, the House urged the Federal Government to formulate policies and implement structural reforms aimed at reducing corruption and promoting economic diversification within the nation’s economy. It also called for measures to boost exports and reduce imports by enhancing foreign investors’ confidence in the country’s Fiscal and Monetary Policies.

The House mandated the Committees on Banking Regulations and National Security and Intelligence to engage with the Central Bank of Nigeria to develop strategies for compliance with these directives.

These resolutions emerged following the adoption of a motion presented by Hon. Ismaila Haruna Dabo.

The House took note of President Bola Ahmad Tinubu’s announcement, made through the Central Bank of Nigeria in June 2023, regarding changes in the country’s foreign exchange market. This announcement allowed foreign currencies to be bought and sold at rates determined by the market rather than the CBN.

Despite the President’s intention to let market forces determine the Naira’s value, the House expressed concern about the alarming exchange rate’s impact on Nigeria’s economy, causing hardships due to increased demand for US Dollars and a shortage thereof.

The House highlighted that approximately 90 percent of Nigeria’s total export earnings come from oil, which is the cornerstone of the country’s economy. Nevertheless, fluctuations in global oil prices significantly affect Nigeria’s foreign exchange market, contributing to the continuous depreciation of the Naira.

The House observed that despite the unification of the exchange rate in June, Nigeria’s foreign exchange inflows have lagged, with a high demand for foreign currency and limited access to official markets encouraging black market transactions. Consequently, the Naira has suffered a significant loss in value against the Dollar, dropping from N778.602/$ as of September 2023 to nearly N1000/$ in the parallel market.

This marked the first time Nigeria had liberalized its foreign exchange market. The House expressed concerns about inflation and the cost of living, noting that the depreciating Naira has made imported goods more expensive, leading to higher inflation rates, which disproportionately affect vulnerable citizens.

The House also emphasized that the weakening Naira could deter foreign investors due to potential currency losses, potentially hampering economic growth and job creation for Nigerian youth. Furthermore, a weaker Naira may increase Nigeria’s external debt servicing costs, potentially reducing government spending in crucial sectors such as healthcare and education.

Finally, the House acknowledged that addressing Nigeria’s financial challenges requires collective responsibility from all stakeholders, including Parliament, which serves as the voice of the common man.

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THE ULTIMATE CLIMDOWN: Inside UEFA’s Shocking Decision To Back Down From FIFA!.

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August 26, 2026

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  • End of Boycott Threat: European football nations are poised to withdraw their threat to boycott FIFA competitions after receiving key assurances from the global governing body, averting a standoff between UEFA and FIFA President Gianni Infantino [cite: European football nations are set to back down from their threat to boycott FIFA competitions after reportedly receiving assurances from the world football governing body., The development is expected to end an immediate standoff between UEFA and FIFA President Gianni Infantino, following a controversial proposal that had sparked strong opposition from European football officials.].....KINDLY READ THE FULL STORY HERE▶

    • Origins of the Crisis: The tension began last month when UEFA threatened to pull European teams from FIFA events over Infantino’s controversial plan to sell private investor shares in a commercial venture tied to the World Cup. Although Infantino dropped the proposal, UEFA sought guarantees against future structural changes.

    • Upcoming Tournaments: Following assurances reported by Sky News to be discussed in Monaco, England and other European nations are set to participate in the upcoming FIFA Under-20 Women’s World Cup in Poland as scheduled, resolving the immediate crisis [cite: According to Sky News, those assurances have now been provided and are expected to be discussed during meetings in Monaco on Thursday., The development means England and other European countries are expected to take part in the FIFA Under-20 Women’s World Cup in Poland next week as scheduled., Their participation will bring an end, at least for now, to the threat of a European boycott of FIFA competitions.].

    • Leadership and Elections: While UEFA and various global vice presidents have challenged Infantino’s leadership, the Under-20 tournament offers him a public platform ahead of the Women’s World Cup in June 2027 [cite: UEFA has remained at the forefront of efforts to challenge Infantino’s leadership, with reports suggesting that some FIFA vice presidents from Asia, Europe and North America have also backed the push., The Under-20 Women’s World Cup is also expected to give Infantino a chance to make a public appearance as FIFA president despite the ongoing divisions within the organization., reports that the next senior FIFA tournament will be the Women’s World Cup in June 2027.]. Meanwhile, Infantino has yet to declare his stance for the presidential election slated for March, with prospective candidates facing a November deadline to secure backing from at least five football associations [cite: However, the tournament will come after the FIFA presidential election scheduled for March next year., Infantino has not yet publicly declared his position regarding the election, while potential candidates have until November to secure the backing of at least five football associations required to enter the race.].

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2027 RACE EXPLODES: Malami Breaks Silence, Names Campaign DG And Shakes Up The Political Landscape!.

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August 26, 2026

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  • ADC Campaign Council Inauguration: Former Attorney-General of the Federation and Minister of Justice, Abubakar Malami—who is running for Governor of Kebbi State alongside running mate Musa Zagi on the African Democratic Congress (ADC) platform—inaugurated a massive campaign council comprising over 600 members from across the state’s senatorial districts and local governments [cite: Former Attorney-General of the Federation Abubakar Malami, has inaugurated the African Democratic Congress (ADC) campaign council in Kebbi State., The inauguration was held on Wednesday as more than 600 party members were unveiled as part of the campaign council, with representatives drawn from different local government areas, senatorial districts, communities and political backgrounds across Kebbi State., Abubakar Malami is contesting for Governor of Kebbi State on the ADC platform and Musa Zagi is his running mate.].....KINDLY READ THE FULL STORY HERE▶

    • Leadership Appointment: Rt. Hon. Sani Tadurga, a former Deputy Speaker of the Kebbi State House of Assembly, was appointed as the Director-General to coordinate the party’s statewide campaign activities and mobilize support [cite: reports that the former Minister of Justice named Rt. Hon. Sani Tadurga as the Director-General of the campaign team., Tadurga, a former Deputy Speaker of the Kebbi State House of Assembly, will coordinate the campaign activities of the ADC in the state and work with other members of the council to mobilise support for the party’s candidates.].

    • Unified Strategy: Malami emphasized that the council unites all elective positions—from governorship down to the state assembly—under one collective political family and urged members to work cohesively [cite: Speaking at the event, Malami said the new campaign structure was designed to bring the party’s candidates and supporters under one coordinated platform., “This Campaign Council represents our collective ADC campaign. It is not about one candidate or one elective position. From the governorship to the Senate, House of Representatives and State House of Assembly, we must work as one political family,” Malami said.].

    • Call for Inclusivity: He cautioned against internal rivalries, tribalism, and sectional interests, stressing that every community, ward, and district across Kebbi State must feel included in the political movement [cite: He urged members of the council to avoid tribalism, sectional interests and internal rivalry, warning that such divisions could weaken the party’s campaign., Malami said every part of Kebbi State should be included in the political movement, adding that no tribe, senatorial district, local government, ward or community should feel left out.].

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MARRIAGE MADNESS: Nollywood Star Ronke Oshodi Drops Shocking Confession That She Almost Went Insane After Walking Down The Aisle!.

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26 minutes ago

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August 26, 2026

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  • Struggles in Early Marriage: Nollywood actress Ronke Oshodi Oke shared during an interview on African A-List that she faced severe challenges shortly after getting married, which heavily impacted her physical and emotional well-being [cite: Nollywood actress Ronke Oshodi Oke has spoken on the difficult period she experienced during her marriage., The actress shared the experience during an interview on African A-List, where she reflected on her former marriage and the effect the challenges she faced had on her physical and emotional well-being.].....KINDLY READ THE FULL STORY HERE▶

    • Health Impacts: While noting that her former husband never physically abused her, she revealed that the overwhelming pressure caused her to develop high blood pressure for the first time in her life, pushing her to a point where she felt she “nearly ran mad” [cite: She made it clear that her former husband did not physically abuse or beat her, but said the difficulties in the relationship still became overwhelming., She said she had never dealt with high blood pressure before getting married, but began experiencing it after becoming a newlywed., “When I was newlywed, it was the first time I had high blood pressure; it was when I got married that I nearly ran mad.”].

    • Decision to Leave: Realizing the situation was unsustainable, she chose to pack her things and leave for the sake of her health and well-being [cite: “I got to a point where I realized that leaving the marriage was the best decision for my well-being, so I packed my belongings and left because I knew I could no longer continue living in that situation.”].

    • Current Standing: The separation did not turn them into enemies; they remain on good terms for the sake of their children, and the experience has not completely closed her heart to the concept of marriage.

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