Senate summons CBN governor, Emefiele to explain daily naira depreciation

The Nigerian Senate has invited Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), over the depreciation of the naira.

Recall, naira on Friday, July 22, 2022, fell at the parallel market to N658 per dollar amid higher dollar demand.

The decision of the upper legislative chamber followed a motion by Olubunmi Adetunmbi, senator representing Ekiti north, at the its sitting on Wednesday, July 27, 2022.

Contributing to the debate, Sani Musa, senator representing Niger east, said the naira would appreciate if we consume what we produce.

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

On her part, Biodun Olujimi, senator representing Ekiti south, said the CBN is not taking responsibility that it has failed to defend the naira.

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

“Most of what is happening is because people are taking out the dollar and selling and bringing them back in — we should be penalising somebody for what has happened to the naira-dollar rate.”

“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.”

The upper legislative chamber asked the apex bank to stop the rapid decline of the value of the naira.

The motion was adopted after Senate President Ahmad Lawan put it to a voice vote.