SENATE summons CBN Governor, Emefiele over worsening devaluation of the Naira

THE Senate on Wednesday summoned the Central Bank of Nigeria, Godwin Emefiele, over the worsening devaluation of the Naira.

READ ALSO:  UPDATED! SENATORS give Buhari six weeks ultimatum to tackle insecurity OR face impeachment

Reports revealed a United States dollar is exchanged to N710 in a parallel market on Wednesday.

The depreciation of the currency fuelled the lawmakers’ decision to invite the CBN governor following a motion by Olubunmi Adetunmbi, senator representing Ekiti north.

Contributing to the debate, Sani Musa, senator representing Niger east, said the naira would appreciate only if the country become a productive one.

“Let’s eat what we have; let’s do with what we have. Naira will continue to appreciate until we start manufacturing,” Musa said.

READ ALSO:  FAAC for July 2022: Federal, States, Local Govts to share N802.4 (SEE SHARING FORMULA)

On her part, Biodun Olujimi, senator representing Ekiti south, accused the CBN of not taking responsibility which has led to the crash of naira.

“Someone should be able to say I have failed, and that is the CBN,” Olujimi said.

“Most of what is happening is because people are taking out the dollar and selling and bringing them back in — we should be penalising somebody for what has happened to the naira-dollar rate.”

“The time has come for us to look holistically into what is happening. What is happening to the dollar is a replica of what is happening to Nigeria.”

The Red Chamber asked the apex bank to stop the express deterioration of the value of the naira.

READ ALSO:  ONE Police Inspector killed by unknown gunmen in Osun

Editor’s Note:  Contact SOJ WORLDWIDE ONLINE NEWS (www.sojworldnews.com) for your wedding ceremony, birthday, conference, Exclusive interviews, placing of advert banner, publicity and awareness on 09069473894.

KINDLY send your name and location to our WhatsApp No. 09069473894.to receive our news updates directly into your WhatsApp box.

SOJ WORLDWIDE…an ONLINE NEWS with a difference