Devaluation: Reps cautions CBN as Naira weakens against Dollar

By AdvocateNews on 09/06/2021

Share on facebook Yahoo mail icon Gmail icon

Views: 668


The House of Representatives has asked the Central Bank of Nigeria (CBN) to put policies in place to defend Naira from losing further value against the Dollar.

The green chamber made the resolution on Wednesday, following a motion moved by Bamidele Salam from Osun State.

Naira has been struggling against major currencies around the world. This has reflected in the prices of commodities.

In his motion, Bamidele said the Naira has lost 9% of its value in the past 6 months.

He noted that the currencies of other African countries are gaining against the Dollar.

“While the value of the Nigerian Naira relative to the US Dollar has declined by 9% in the last 6 months, the South African Rand and Ghanaian Cedi have appreciated by 11.4% and 1%, respectively,” he said.

Consequently, the House mandated the committee on banking and currency to ensure compliance and report back in 2 weeks.

 

Posted 09/06/2021 5:31:42 PM

 

Share on facebook Yahoo mail icon Gmail icon


 

You may also like...
How our husband chained us up, put pepper...

Suspected Herdsmen set houses on fire, kill many...

Labour Party: Ezenwafor withdraws for Peter Obi as...

Forget Biafra, let's go for restructuring --Ohanaeze :...

SEEDS OF DESTINY FEB 16, 2021: THE CHARACTER...

Court orders arrest of Innoson Motors boss

'Enough is enough,' Okorocha angry over son-in-law Uche...

Kogi Gov Election: My victory for true democrats...

Melaye remains senator as INEC confirms failure of...

Ex-Eagles striker, Daniel Amokachi named Buhari’s SA on...

Suspected thief nabbed after abandoning mission to watch...

Kogi Election: Why INEC chairman Prof Mahmood Yakubu...

 

Latest News Kuje prison under attack: Terrorists free Boko Haram inmates, move them with trucks OPEC Secretary-General, Muhammad Sanusi Barkindo is dead Zenith Bank emerges best in Nigeria again 2023: Doyin Okupe names Peter Obi’s possible running mate ‘Our deity needed virgin’s blood,’ burnt Enugu ritualist confessed Plateau villagers recover eight corpses after bandits’ attack Bandits kill Assistant Commissioner of Police in Katsina Over 600 inmates escape from Kuje prison Buhari swears in 7 new Ministers (Full list) Nothing wrong in Obasanjo selling my candidacy, says Peter Obi 2023: Fresh trouble for APC as group files perjury case against Tinubu VP slot: ‘APC at crossroads over Muslim-Muslim ticket’

 

Most Read Sickle cell support group seeks government intervention (399,126 views) Ex-Heads of State will protect Jonathan from persecution —Kukah (399,126 views) ASUU strike: Senate intervention ends in deadlock (399,125 views) Full Text of Governor Ifeanyi Ugwuanyi’s 2016 Budget Speech (399,124 views) I’ve no Coronavirus, govt wants to kill me – Anambra Index case (399,124 views) Fleeing ex-DG Imo Broadcasting Corporation who stabbed wife to death arrested (399,124 views) Ebonyi bans embalming of corpses in homes (399,123 views) FG sends new directive to banks, schools as Buhari extends lockdown by four weeks (399,123 views) Ugwuanyi commends FG’s siting of ICT University in Enugu (399,122 views) HUSHPUPPI: CRIMINALS HAVE NO TRIBE. THEY SHAME ALL OF US... (391,651 views) DEMOCRACY DAY: President Muhammadu Buhari’s full speech (328,956 views) All you need to know about Peter Obi, PDP VP Candidate (328,270 views)

 

 

SECTIONS FAITH (159) EDITORIAL (24) NEWS (9,567) POLITICS (519) SOCIETY (135) SPORTS (66) BUSINESS (379) HEALTH (63) EDUCATION (53) INTERNATIONAL (224) ENTERTAINMENT (63) TECHNOLOGY (7) COLUMNISTS (57) LETTERS (4) OPINION (46)

 

 


There are no video entries posted yet.