Senate Summons CBN Governor Over Weak Naira

SenateCentral Bank Governor Godwin Emefiele speaks at the monthly MPC meeting in Abuja, Nigeria, September 22, 2015. REUTERS/Afolabi Sotunde

The Senate on Thursday summoned the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, to appear before it next week Tuesday to explain the alarming weakening of the nation’s currency against the United States dollar.

Specifically, Emefiele was asked to report at 11:00am on Tuesday to give explanations on the continuous weakening of the naira, which traded at 305 to a dollar on Thursday.

The invitation followed a point of order raised by the Senate Leader, Ali Ndume, under matter of urgent national importance.

Ndume said it was expedient for the Red Chamber to invite the CBN governor to brief it on the matter.

“As of today, the naira is exchanged for 305 to one dollar. In view of this worrisome situation and the fact that we all know that this country depends so much on imported materials and even food, there is a need for this Senate to, as a matter of urgency, invite or summon the governor of the CBN to explain this situation and to provide the necessary solution to this situation,” he said.

Ruling on Ndume’s submission, the Senate President, Bukola Saraki, directed the Senate Leader to convey the resolution to the CBN governor.

Saraki said, “The leader of the Senate, in line with our rule 42 (1) did mention this and in line with our rules also, we must get the views of the senators that we should stand this down till Tuesday next week.

“The Senate Leader, you should convey our resolution to the central bank governor and invite him to come on Tuesday by 11:00am to present the reasons for the weak naira before the Senate.”

Punch

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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