How CBN Is Deliberately Devaluing Naira - Rep Member Bamidele Salam
Faith Ukanwa
Sep 21, 2021
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.
READ ALSO: 2ND WEDDING ANNIVERSARY: God Proved Them Wrong -Anita Joseph Celebrates | DETAILS
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.
READ ALSO: BREAKING: Nollywood Actress Ada Ameh Is Dead | READ DETAILS
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.
READ ALSO: Sowore's Miscalculation and the Need to beat a Wise Retreat
"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.
READ ALSO: Watch How Blind Woman Frying Garri To Pay For School, Take Care Of Mother (Video)
"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.
READ ALSO: Tinubu Govt Unveils Loan Scheme For Nigeria's Creative Industries, Entrepreneurs
"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.
READ ALSO: Akwa Ibom: Two House Members Lose Seats Over Defection| Read More
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.
Related Stories
REVEALED: How All Progressives Congress (APC) Played Into The Opposition Hands Ahead Of 2027 - Sumner Sambo Warns
I Will Not Allow Criminality As President, Peter Obi Declares
Why El-Rufai Was Returned To ICPC Custody?
Sowore's Miscalculation and the Need to beat a Wise Retreat
Tinubu Breaks Silence on Hardship, Inflation, Power Crisis - Vows Nigeria Will Overcome Economic Storm
"Terrorists Have Outgunned Our TroopsÔÇØ - Ndume Raises Alarm Over Boko Haram War, Sends Urgent Message To Tinubu
""
— Faith Ukanwa