Sunday, September 19, 2021

House of Reps asks CBN to halt devaluation of naira

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The House of Representatives has asked the Central Bank of Nigeria to urgently put in place a policy to check further devaluation of the naira to the United States dollar and other international legal tenders.

The House decried that while the Nigerian currency was losing value, other countries in Africa were appreciating.

At the plenary on Wednesday, the House unanimously adopted a motion moved by the Deputy Chairman of the Committee on Pensions, Mr Bamidele Salam, which warned the CBN of the implications of further devaluing the naira.

Salam recalled that Governor of the Central Bank of Nigeria, Godwin Emefiele, while addressing the Bankers’ Committee at a summit on the economy in Lagos earlier in February, informed the committee about the naira devaluation against the dollar.

The lawmaker also quoted Emefiele as saying at the summit that the official exchange rate stood at N410 to the dollar.

According to the lawmaker, while the value of the naira relative to the dollar had declined by nine per cent in the last six months, the South African rand and Ghanaian cedi had appreciated by 11.4 per cent and one per cent, respectively.