The Senate yesterday resolved to summon the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, to appear before the red chamber to provide information on its intervention funds and the reason for the rapid depreciation of the naira.
The resolution came after a lawmaker, Olubunmi Adetunmbi, cited Order 41 and 51 of the Senate to seek the Leave of the Senate to present a motion on the State of Central Bank intervention funds and the fall of the Naira.
Following Adetunmbi’s motion, the Senate resolved to call on the CBN “to urgently intervene to stop the rapid decline in the value of Naira in service to dollar and other international currencies.
The Senate also urged the Senate Committee on Banking, Insurance and other Financial Institutions “to conduct an assessment on the Central Bank of Nigeria Intervention Funds and the decline in the value of the naira to come up with sustainable solutions;
“Call on CBN to average the official and parallel rate, and invite the CBN Governor to come into plenary and address distinguished senators in closed door.”
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.
Before the Senate passed the resolution, Sani Musa, called on the government to encourage Nigerians to eat what we produced locally and start manufacturing in the country to boost the value of the naira.
He said: “Let’s eat what we have; let’s do with what we have. Naira will continue to appreciate when we start manufacturing.”
On her part, Biodun Olujimi said: “Someone should be able to say I have failed and that is the CBN. Most of what is happening is because people are taking out the dollar and selling and bringing them back in…We should be penalizing somebody for what has happened to the Dollar.
“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.”