Halt Naira free fall against dollar- Reps tell CBN

The House of Representatives has expressed concern over the depreciation in value of the Naira against the US dollar and other major currencies.

It therefore called on the Central Bank of Nigeria to take all necessary action to protect the Naira from its free fall in the monetary market which has shot inflation in the country.

It directed its committee on Banking and Currency to investigate the trend, ensure compliance by the CBN and report to the House in two weeks.

The resolution followed the adoption of a motion moved on the floor of the House by Bamidele Salam during plenary on Wednesday.

The House therefore directed the CBN to put in place a policy that would check the further devaluation of the Naira to the US dollar and other international legal tenders.

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