Senate Summons CBN Governor Over Naira Free Fall Against Dollar

Posted by African Examiner Featured, Latest Headlines, Money & Capital Market Thursday, January 14th, 2016

Ayodele Afolabi, Abuja

The Senate has summoned the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele to appear before it on next week Tuesday to give explanations on reasons behind the continuous depreciation of Naira against the Dollar in the FOREX market.

The decision followed a Point of Order raised by the Leader of the Senate, Sen. Ali Ndume to that effect at the floor of the Senate during Thursday plenary.

Senate President, Bukola Saraki, subsequently directed Sen. Ndume to convey Senate’s resolution to the CBN Governor.
While raising his point of order, Ndume said it was necessary for the upper chamber to invite the apex Bank Governor to brief it on the matter.

He said: “As at today, Naira is exchanged for N305 to one dollar. In view of this worrisome situation and the fact that we all know that this country depends so much on imported materials and even food.

“There is a need for this Senate to as a matter of urgency calls, invite or summon the Governor of CBN to explain this situation and to provide the necessary solution to this situation”.