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HomeBankingSenate summons CBN boss Emefiele over naira depreciation

Senate summons CBN boss Emefiele over naira depreciation

The Senate has summoned Godwin Emefiele, the Governor of the Central Bank of Nigeria, over the depreciation of the naira.

Reports revealed the United States dollar exchanged for N658 in the parallel market on Wednesday.

The depreciation of the naira fuelled the lawmakers’ decision to invite Emefiele 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 becomes a productive one.

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

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Similarly, Biodun Olujimi, Senator representing Ekiti South, accused the CBN of not taking responsibility which led to the crash of the naira.

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

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