Naira Devaluing: House of Rep member calls out CBN – details

News
Spread the love
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  

Bamidele Salam (PDP-Osun), a House of Representative member, has called on the Central Bank of Nigeria (CBN) to stop the continuous fall of the value of Naira against the US dollar.

During an interview with the News Agency of Nigeria (NAN) on Tuesday in Abuja, Salami decried the continuous fall of the Naira, saying that Naira is now very low when compared to other currencies of the world.

One dollar is valued at N567 in the parallel market while the official price was N410 to a dollar as at the time of filing this report.

Salami also urges CBN to do something urgently about the situation in order to save the players in the Nigerian economy.

“Though the value of the naira is a functionality of many things, it appears to me that there is a deliberate policy of the CBN to devalue the naira consistently.

“This is very worrisome because of its effect on trade, investment and on the consumption of goods and services both locally and those imported which depend on raw materials.

“Are we saying that the Ghanaian economy, the Sierra Leonean economy, the Nigerian economy is doing better than the Nigerian economy? The Niger currency is doing better in the international market than the naira is in the last six months.

“Are we saying that the economy of Liberia and the economies of all these countries are doing better than that of Nigeria?

“Why will we continue to look on and continue to have this free fall; in the parallel market today, a dollar is over N500,’’ he said.

The lawmaker added that he had approached the House to urge the CBN to take the urgent steps and also the House Committee on Banking and Currency should equally liaise with the CBN on the matter.

daily post

  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  

Leave a Reply