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Published 9 June 2021
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 is losing value, others in Africa are gaining.
At the plenary on Wednesday, the House unanimously adopted a motion moved by Deputy Chairman of the Committee on Pensions, Mr Bamidele Salam, which warned the CBN of the implications of further devaluing the naira.
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The motion was titled, ‘Matter of Urgent Public Importance on the Need for the Central Bank of Nigeria to Urgently Put in Place Monetary Policies to Stop the Free Fall of the Naira Against the Dollar and Other International Legal Tenders.’
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