As the dollar reaches N700, the Senate summons Emefiele.
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Godwin Emefiele, the governor of the Central Bank of Nigeria (CBN), has been called before the Senate in response to the ongoing currency devaluation.
Nigerians have expressed concern over the current parallel market exchange rate of the naira, which ranges between N690 and N700 per dollar.
Emefiele was called in as a result of a motion made by Senator Olubunmi Adetunmbi (APC, Ekiti North).
Sani Musa, a senator for Niger East, weighed in on the discussion by stating that the naira would appreciate if we consumed what we produced.
The senator for Ekiti South, Biodun Olujimi, accused the CBN of shouldering the burden of protecting the naira.
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.”
The upper legislative chamber asked the apex bank to stop the rapid decline of the value of the naira.
The motion was adopted after Senate President Ahmad Lawan put it to a voice vote.
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