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Senate Summons Emefiele to Explain Why Naira is Depreciating
Ibekimi Oriamaja Reports.
The Senate has decided to summon Mr. Godwin Emefiele, Governor of the Central Bank of Nigeria, to explain why the naira has been rapidly depreciating.
It has also charged its Banking, Insurance, and Other Financial Institutions Committee with evaluating the effectiveness of CBN intervention funds aimed at assisting the economy’s critical sectors.
Following a debate in the lower chamber on the status of CBN Intervention funds and the naira’s free fall, the Upper Chamber is considering the resolutions.
The motion’s sponsor, Senator Olubunmi Adetunmbi, bemoaned Nigeria’s economic challenges and called for extraordinary measures to address them.
On Thursday morning, the naira was worth more than N700 to the dollar in the parallel markets.