Lawmakers in the House of Representatives, Wednesday, rejected a motion asking government to reverse the policy to allow the naira float freely against the dollar.
The motion, raised by Beni Lar noted that the importation of vehicles and other commodities has significantly decreased since the floating of the Naira with the single exchange rate.
Lar also shared the worries of several Nigerian students abroad who now face an increase in fees due to the devaluation, reminding her colleagues that it might trigger an inflationary spiral, which could plunge Nigeria into an economic recession and depression.
When put to a debate, some supported the call for intervention in the currency situation, others argued that it was premature to hold the Tinubu administration responsible for the exchange rate.
When the matter was finally put to a vote, the deputy speaker, Ben Kalu ruled in favour of the opposing side, effectively rejecting the motion.