The House of Representatives on Wednesday asked the Central Bank of Nigeria (CBN) to halt any plan to further devalue the Naira.
The House made the call after adopting a motion on notice brought by Hon. Bamidele Salam (PDP, Osun).
The lawmakers argued that such a move would only hurt the economy further.
The upper legislative chamber also directed the CBN to urgently put in place a policy to check further devaluation of the Naira to the United States dollar and other international legal tenders.
In his presentation, Salam noted that that CBN Governor, Godwin Emefiele had in February informed the Bankers Committee about the devaluation of Naira.
He said: “While the value of the Nigerian naira relative to the US dollar has declined by 9 percent in the last six months, the South African Rand and Ghanaian Cedi have appreciated by 11.4 percent and 1 percent respectively.
“Statistics obtained from relevant records showed that in January 2021, the naira exchange to the US$ at about N377. By June 7th, 2021, however, it exchanged for about N411.
“Clearly, Honourable speaker, distinguished colleagues, all is not well with the naira and whatever policy is being adopted to manage it at the moment.”
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
FEATURE: Ogun residents, waste collectors trade blames, as refuse litter environment
TIJANI ABDULKABEER, a journalist from the University of Ibadan, during a recent trip to Sango Otta, Ogun State took a look...
INVESTIGATION: How online fraudsters siphon victims’ funds through ‘SportyBet’ platform
As Nigeria transits into a cashless society, the evolution also creates opportunities for internet scammers to take advantage of unsuspecting...
SPECIAL REPORT: Enugu govt watches as waste takes over state, threatens public health, environment
In this report, Arinze Chijioke looks at how delays in evacuation of waste in Enugu State encourages indiscriminate waste disposal, its health implications, and how...
SPECIAL REPORT: Illegal miners degrade Ekiti community, engage in child labour
The activities of illegal miners in a community in Ekiti State have caused degradation of the environment, as miners engage...
SPECIAL REPORT: Inside the illegal trading of forest woods in Cross River community
“With a N20,000 bribe, an external buyer can influence the youth in host communities , Cross River State, to cut...