The Nigeria’s House of Representatives has on Wednesday called for the adoption of the Chinese Yuan as an official foreign exchange reserve currency side by side with other internationally recognized currencies to protect the naira from further depreciation.

The House resolution was sequel to the adoption of a motion moved by Hon. Jafaru Leko, (APC, Gombe).

In moving the motion, Leko noted that the Nigerian economy is experiencing substantial shifts in the value of the naira, thus, triggering economic instability and uncertainty.

The Lawmaker also stated that the International Monetary Fund proposed diversification of foreign exchange reserves for central banks of developing countries, including Nigeria.

He said: “The global economic landscape is evolving and international trade dynamics are shifting, with China assuming a leading role in international trade.

He also observed that the People’s Republic of China has a stable and globally recognized currency, the Chinese Yuan which is gaining recognition across the globe.

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.

“Furthermore, it would enhance Nigeria’s trade and economic ties with China, a crucial trading partner.”

Adopting the motion, the House mandated its committees on Banking Regulations, Banking and Other Ancillary Institutions to liaise with the Central Bank of Nigeria to explore the appropriate mechanisms, policies, and partnerships required for the adoption and report back in four weeks for further legislative action.

Meanwhile, the lawmakers also adopted a motion directing Telecommunication companies to immediately stop forthwith the unwarranted charges on services not rendered and improve service delivery.

The motion was passed In the by a member representing Ikono/Ini Federal Constituency, Akwa Ibom State, Emmanuel Ukpong-Udo, the House urged the Nigeria Communications Commission to ensure that registered network providers including MTN, Glo, Airtel, and 9mobjle provide quality communication services to Nigerians at all times.

It also urged the Nigieria Communications Commission to abort unwarranted charges on cans that bridge to wrong parties and zero voice; and mandated the Committee on Communications to ensure Compliance.

Moving the motion, Ukpong-Udo expressed concern that: “Despite the increasing and remarkable patronage of telecommunications services by Nigerians including low-income earners, rural dwellers and the vulnerable in our society, communication services provided by network carriers are not proportionate with the interest expressed by Nigerians.

“Nigerians pay charges on calls with low voice quality arising from congestions, calls freezing and fluctuating network services;

Nigerians lose valuable business hours and finances due to poor service delivery by these network service providers whilst enriching the service providers to their detriment.” (Daily Independent)

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