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The House of Representatives has asked the Central Bank of Nigeria to urgently put in place a policy to check further devaluation of the naira to the United States dollar and other international legal tenders. The House decried that while the Nigerian currency was losing value, others in African were appreciating. At ....
Share The House of Representatives on Wednesday tasked the Central Bank of Nigeria (CBN) to urgently put in place a policy to check further devaluation of the Naira to USD and other international legal tenders. The resolution was passed sequel to the adoption of a motion on ‘Matter of urgent public importance sponsored by Hon. Bamidele Salam (PDP-Osun) who expressed grave concern over the state of the country’s economy. While frowning at the fragility of the country’s currency, Hon. Salam queried the rationale behind the appreciable value of the South African Rand, on the other hand, exchanged for about 15.14 Rand to the US$ in January and at about 13.41 Rand as of June 7th, 2021, while Nigerian currency continues to depreciate continuously. ....