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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.

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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.

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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.

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Written by Adesoji OMOSEBI

BSc Agric Science

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