Lawmaker queries CBN on naira’s continuous fall

Commercial banks vow to implement CBN directive on forex defaulters

A House of Representative member, Bamidele Salam (PDP-Osun), on Tuesday called on the Central Bank of Nigeria to stop the continuous fall of the value of naira against dollar.

Speaking in an interview with journalists in Abuja, Salam said the continuous devaluation of the naira is a great concern, adding that Nigerian currency was doing badly when compared to other currencies of the world.

As at the time of filing this report, a dollar was valued at N567 in the parallel market while the official price was N410 to a dollar.

The lawmaker said that the CBN should do something urgent about the situation to save the players in the Nigerian economy.

“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 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, is doing better than the Nigerian economy? The Niger currency is doing better in the international market than the naira 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 fee fall; in the parallel market today, a dollar is over N500,’’ he said.

He said 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.

Salam recommended that transactions in the local market with foreign currency should be criminalised, saying that every transaction in the local economy should be done with the naira.

He added that states in Nigeria should be allowed to own their own railway system, generate power and engage in developing mineral resources in their domains to boost the nation’s economy.

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