JUST IN: Senate to summon CBN Governor Emefiele over free fall of Naira

Godwin Emefiele

Godwin Emefiele, CBN Governor

The Senate on Wednesday resolved to invite the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele to address the senators on the free fall of the Naira to Dollar and other currencies.

The senate resolved that Emefiele should come into plenary and address senators behind closed door to know why the Naira has been on a free fall.

The upper chamber also called on the CBN to urgently intervene to stop the rapid decline in the value of Naira in service to dollar and other international currencies.

It urged the Senate Committee on Banking, Insurance and other Financial Institutions to conduct an assessment on the CBN Intervention Funds and the decline in the value of the naira to come up with sustainable solutions.

It also called on the CBN to average the official and parallel rate.

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Senator Olubunmi Adetunmbi had cited Order 41 and 51 to seek the leave of the Senate to present a motion on the State of Central Bank intervention funds and the fall of the Naira.

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

According to Senator Biodun Olujimi, “Someone should be able to say I have failed and that is the CBN. Most of what is happening is because people are taking out the dollar and selling and bringing them back in…We should be penalizing somebody to what have happened to the Dollar.

“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.”

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