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Devaluation: Reps cautions CBN as Naira weakens against Dollar

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The Home of Representatives has requested the Central Financial institution of Nigeria (CBN) to place insurance policies in place to defend Naira from dropping additional worth in opposition to the Greenback.

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The inexperienced chamber made the decision on Wednesday, following a movement moved by Bamidele Salam from Osun State.

Naira has been struggling in opposition to main currencies world wide. This has mirrored within the costs of commodities.

In his movement, Bamidele mentioned the Naira has misplaced 9% of its worth previously 6 months.

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He famous that the currencies of different African international locations are gaining in opposition to the Greenback.

“Whereas the worth of the Nigerian Naira relative to the US Greenback has declined by 9% within the final 6 months, the South African Rand and Ghanaian Cedi have appreciated by 11.4% and 1%, respectively,” he mentioned.

Consequently, the Home mandated the committee on banking and foreign money to make sure compliance and report again in 2 weeks.
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