House of reps holds CBN responsible for devalue of naira

House of reps holds CBN responsible for devalue of naira

Bamidele Salam (PDP-Osun), a member of the House of Representatives, has urged the Central Bank of Nigeria (CBN) to halt the ongoing depreciation of the naira against the dollar.

Salam lamented the ongoing devaluation of the Naira in an interview with the News Agency of Nigeria (NAN) on Tuesday in Abuja, noting that the Nigerian currency was performing poorly in comparison to other currencies around the world.

A dollar was worth N567 in the parallel market at the time of publishing this report, while the official rate was N410.

The congressman stated that the CBN should act quickly to address the crisis in order to safeguard the Nigerian economy’s players.

“Though the value of the naira is a function of many factors, it appears to me that the CBN has a consistent policy of devaluing the naira.

Read Also: Gov Sanwo-Olu lauds youth initiatives at US alumni 4th anniversary webinar

“This is quite concerning because of the impact on trade, investment, and consumption of goods and services, both locally and internationally, that are dependent on raw resources.

“Are we implying that the Ghanaian, Sierra Leonean, and Nigerian economies are performing better than the Nigerian economy?” In the last six months, the Niger currency has performed better on the international market than the Nigerian naira.

“Are we implying that Liberia’s economy, like the economies of all these countries, is doing better than Nigeria’s?”

“Why would we continue to watch on and allow this free decline; now, a dollar is above N500 on the parallel market,” he remarked.

He stated that he had addressed the House to urge the CBN to take immediate action, and that the House Committee on Banking and Currency should work with the CBN on the issue.

Leave a Reply

%d bloggers like this: