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Reps list naira devaluation losses, ask CBN to halt trend

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, others in African 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.

The motion was titled, ‘Matter of urgent public importance on the need for the Central Bank of Nigeria to urgently put in place monetary policies to stop the free fall of the naira against the dollar and other international legal tenders.’

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.

“That is 7.6 per cent weaker than the rate of N379 published on the central bank’s website,” Salam noted.

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