A House of Representative member, Bamidele Salam, has called on the Central Bank of Nigeria to stop the continuous fall of the value of Naira against the dollar.

Mr Salam in an interview with the News Agency of Nigeria (NAN) on Tuesday in Abuja said the Naira was doing poorly compared to other currencies.

As at the time of filing this report, a dollar was valued at N567 in the parallel market while the official price was N410 to a dollar.

The lawmaker said the CBN should act and save the players in the Nigerian economy.

“Though the value of the naira is a function of many things, it appears to me that there is a deliberate policy of the CBN to devalue the naira consistently.

“This is very worrisome because of its effect on trade, investment and on consumption of goods and services both locally and those imported which depend on raw materials.

“Are we saying that the Ghanaian economy, the Sierra Leonean economy, the Nigerian economy is doing better than the Nigerian economy? The Niger currency is doing better in the international market than the naira in the last six months.

“Are we saying that the economy of Liberia and the economies of all these countries are doing better than that of Nigeria?

“Why will we continue to look on and continue to have this fee fall; in the parallel market today, a dollar is over N500,” Mr Salam said.

He said he had approached the House to urge the CBN to take steps and that the House Committee on Banking and Currency should liaise with the CBN on the matter.

He recommended transactions in the local market with foreign currency should be criminalised, saying every transaction in the local economy should be with Naira.