Godwin Emefiele, the governor of the Central Bank of Nigeria has been summoned by senate over the constant depreciation of the naira.
Reports revealed a United States dollar is exchanged to N658 in a parallel market on Wednesday.
The depreciation of the currency fuelled the lawmakers’ decision to invite the CBN governor following a motion by Olubunmi Adetunmbi, senator representing Ekiti north.
Contributing to the debate, Sani Musa, senator representing Niger east, said the naira would appreciate only if the country become a productive one.
“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, accused the CBN of not taking responsibility which has led to the crash of naira.
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“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 Red Chamber asked the apex bank to stop the express deterioration of the value of the naira.
Source: Vanguard
