Naira Depreciation: Senate Summons CBN Governor

Godwin Emefiele, Governor of the Central Bank of Nigeria has been summoned by the senate over the depreciation of the naira.

According to reports, a United States dollar was exchanged for N658 in a parallel market on Wednesday.

The naira depreciation, therefore, triggered the lawmakers to summon the CBN governor following a motion by Olubunmi Adetunmbi, senator representing Ekiti north.

Commenting, Senator representing Niger east, Sani Musa said the only naira would appreciate only if the country becomes 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.

Also speaking, the senator representing Ekiti south, Biodun Olujimi accused the CBN of not taking responsibility which has led to the crash of 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.”