Devaluation: Reps cautions CBN as Naira weakens against Dollar

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The House of Representatives has asked the Central Bank of Nigeria (CBN) to put policies in place to defend Naira from losing further value against the Dollar.

The green chamber made the resolution on Wednesday, following a motion moved by Bamidele Salam from Osun State.

Naira has been struggling against major currencies around the world. This has reflected in the prices of commodities.

In his motion, Bamidele said the Naira has lost 9% of its value in the past 6 months.

He noted that the currencies of other African countries are gaining against the Dollar.

“While the value of the Nigerian Naira relative to the US Dollar has declined by 9% in the last 6 months, the South African Rand and Ghanaian Cedi have appreciated by 11.4% and 1%, respectively,” he said.

Consequently, the House mandated the committee on banking and currency to ensure compliance and report back in 2 weeks.

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