Naira Vs Dollars: Reps Cautions CBN Governor Over Crash in Naira

Naira is fighting with the world's biggest currencies. The pricing of goods has reflected that.
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Naira weakened against the United States dollar

In order to safeguard Naira from losing to dollar worth, the House of Representatives has requested the Central Bank of Nigeria (CBN).

On Wednesday, after a proposal from the Osun State's Bamidele Salam, the Green Chamber adopted the resolution.

Naira is fighting with the world's biggest currencies. The pricing of goods has reflected that.

Bamidele claimed in his motion that in the previous 6 months, Naira had lost 9% of its value.

He stated that currencies gained from the dollar in other African countries.

“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.
As a result, the House instructed the Banking and Currency Committee within 2 weeks to assure compliance and report.