Senate summons Emefiele over poor state of Naira

The Senate on Wednesday summoned the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, over the poor state of the Naira.

This followed the adoption of a motion by the Senator representing Ekiti North, Olubunmi Adetumbi, at the plenary.

Ripples Nigeria’s Naira Watch reported on Wednesday that the Nigerian currency depreciated to N685 for $1 in the black market on Tuesday, rising from N665 recorded the previous day.

Also, in the official foreign exchange market, the dollar improved against the naira, trading at N431 compared to N427.30 on Monday.

READ ALSO: Naira hits N665 per dollar as demand intensifies

The Senator representing Ekiti South, Abiodun Olujimi, said the CBN has failed in its duty of increasing the value of the Naira and making it one of the best currencies in the world.

Olujimi said someone must be held responsible for the poor state of the Naira.

She also drew similarities between the rising cost of living and the dollar in Nigeria.

The senator said: “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 for what has 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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