Rep tasks CBN to stop continuous fall of Naira

 A House Representative member, Bamidele Salam (PDP-Osun), has called on the Central Bank Nigeria (CBN) to stop the fall the value Naira against against dollar.

Salam, in an interview with the News Agency Nigeria (NAN) on Tuesday in Abuja decried the devaluation the Naira, saying that the Nigerian currency was doing badly when compared to other currencies the world.

As at the time 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 the naira is a functionality many things, it appears to me that there is a deliberate policy the CBN to devalue the naira consistently.

“This is very worrisome its effect on trade, investment and on consumption 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 the last six months.

“Are we saying that the economy Liberia and the economies all these are doing better than that 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 transaction in 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. (NAN)