The House of Representatives Committee on Finance, Loans and Debt Management has recommended ban on imported goods amid naira value deterioration.
The naira’s value against the dollar has mostly been on a downward trend, and at last count the official exchange rate stood at N840.00 to a dollar while the black market was over N1,100 to a dollar.
The situation arose from the consumption pattern of Nigerians leaning towards foreign goods, and ultimately resulting in appreciation of dollar’s value at the expense of the naira.
To stem the tide, the House while considering a report on the 2024-2026 Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) on Thursday said imported goods should be banned, adding that locally produced goods must then take its place and get exported.
“Due to the lack of stable foreign reserve as a result of the lack of exports of locally produced goods,” it said.
