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HomeBusinessSenate to summon CBN Gov Emefiele on rapid naira decline, intervention funds

Senate to summon CBN Gov Emefiele on rapid naira decline, intervention funds

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The Senate on Wednesday resolved to summon the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele to appear before the red chamber to provide information on its intervention funds and the reason for the rapid depreciation of the naira.

The resolution came after a member of the upper chamber, Olubunmi Adetunmbi cited Order 41 and 51 of the Senate to seek the Leave of the Senate to present a motion on the State of Central Bank intervention funds and the fall of the Naira.

Following Adetunmbi motion, the Senate resolved, to call on the CBN “to urgently intervene to stop the rapid decline in the value of Naira in service to dollar and other international currencies.

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

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“Call on CBN to average the official and parallel rate, and invite the CBN Governor to come into plenary and address Distinguished Senators in closed door.”

Before the Senate passed the resolution, Sani Musa called on the leadership of the red chamber that the government should encourage Nigerians to eat what we produced locally and start manufacturing in the country to boost the value of the naira.

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

On her party, Biodun Olujimi 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 hashappened 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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