‘CBN is deliberately devaluing Naira’ – Reps. Member

“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.

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A House of Representative member, Bamidele Salam (PDP-Osun), has accused the Central Bank of Nigeria (CBN), of deliberately making policies to devalue the naira.

This is coming as the rate of naira has continued to fall in the parallel market as against other currencies, especially Euro, Pounds, and Dollars.

Salam, in an interview with NAN on Tuesday in Abuja, decried the continuous devaluation of the Naira, querying if countries like Ghana and Sierra Leone has better economy than Nigeria.

“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,’’ the lawmaker said.

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He also noted that he had approached the House to urge the CBN to take the urgent steps and that the House Committee on Banking and Currency should liaise with the CBN on the matter.

 

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