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There is a deliberate policy of the CBN to devalue the naira consistently – Lawmaker

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There is a deliberate policy of the CBN to devalue the naira consistently – Lawmaker

Bamidele Salam, a House of Representative member of the People’s Democratic Party (PDP) Osun state alleged CBN’s constant intention to devalue the Naira.

He stated this in an interview with the News Agency of Nigeria (NAN) on Tuesday in Abuja.

“There is a deliberate policy of the CBN to devalue the naira consistently,” Salam said as he urged the apex bank to curtail the fall of the naira. As at the time of writing this article, a dollar was valued at N570 in the parallel market while the official price was N410 to a dollar.

What the House of Reps member is saying?

Salam said that the CBN should act swiftly about the situation to save 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 the 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, the Nigerian 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 stated that he had addressed the House to urge the CBN to take immediate action and that the House Committee on Banking and Currency should work with the CBN on the issue.

Salam suggested that foreign currency transactions in the local market be made illegal and that all transactions in the local economy should be made in naira.

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