Senate Summons Emefiele Over Rising Dollar Rate, Lists 2 Things CBN Must Do

Nigerian Senate has summoned Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, over the depreciating rate of the naira, as Senator Biodun Olujimi, said someone must be punished.

Emefiele was summoned following a motion raised by lawmaker representing Ekiti north, Olubunmi Adetunmbi, on Friday. During the Senate plenary session, Olujimi said the financial regulator has failed, and must take responsibility.

She also disclosed that the reason the naira continues to depreciate is due to people buying dollar and reselling it. “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.” Olujimi said.

Senate order to CBN on naira depreciation

In a statement by the Senate, the lawmakers directed, “the Central Bank of Nigeria to urgently intervene to stop the rapid decline in the value of Naira in service to dollar and other international currencies;

“Urge the Senate Committee on Banking, Insurance and other Financial Institutions to conduct an accessment on the Central Bank of Nigeria Intervention Funds and the decline in the value of the naira to come up with sustainable solutions;

“Call on CBN to average the official and parallel rate.” The Senate said.

The request of the Senate comes at a period the dollar exchange rate is heading towards N700, after closing trade on Tuesday at N685, rising from N665.