Senate to invite Emefiele over naira devaluation


The Senate, has resolved to summon the Governor of the Central Bank of Nigeria, Godwin Emefiele, to educate and inform senators in a closed session on the reasons for the rapid depreciation of the value of the naira.

The depreciation of the naira fuelled the lawmakers’ decision to invite Emefiele following a motion by Olubunmi Adetunmbi, Senator representing Ekiti North.

It also mandated the Senate Committee on Banking, Insurance and Other Financial Institutions to assess the impact of the CBN intervention funds meant to support critical sectors of the economy.

The resolutions were reached by lawmakers after the upper chamber considered a motion sponsored by Senator Olubunmi Adetunmbi (All Progressives Congress – Ekiti North).

The motion was titled, “State of the CBN Intervention Funds and Free Fall Of Naira.”

Contributing to the debate, Sani Musa, Senator representing Niger East, said the naira would appreciate only if the country becomes a productive one.

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

Similarly, Biodun Olujimi, Senator representing Ekiti South, accused the CBN of not taking responsibility which led to the crash of the naira.

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

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