The house of representatives has asked the Central Bank of Nigeria (CBN) to “urgently” set up a policy to tackle the devaluation of the naira.
Last month, the apex bank adopted the importer and exporter window (I&E) as the default reference exchange rate for official transactions. The move weakened the naira by 8 percent to N410.25/$1. At the parallel market, the naira is currently trading above N500/$1 as speculations over the availability of forex hamper market operations.
At its sitting on Wednesday, the lawmakers said the “rapid devaluation” of the local currency…
