Senate Summons CBN Governor, Emefiele Over Naira Devaluation

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The Central Bank of Nigeria (CBN), Godwin Emefiele, has been summoned by the Senate over the naira devaluation.

The Senate made the decision on Wednesday following a motion by Senator Olubunmi Adetunmbi (APC, Ekiti North).

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

Senator Sani Musa, representing Niger East, said the naira would appreciate if Nigerians consume what we produce.

On her part, Biodun Olujimi, Senator representing Ekiti South, accused the CBN of taking responsibility for defending the naira.

“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 Senate asked the CBN to stop the rapid decline of the value of the naira.

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