Senate Summons CBN Governor Over Naira Depreciation

The Senate on Wednesday invited the Central Bank of Nigerian (CBN) Governor, Mr. Godwin Emefiele, to brief it on the state of the economy.

The upper chamber said that it needed the CBN boss to brief it especially on the implications of the free fall of the naira.

The Senators noted that the CBN governor should be invited to “brief the Senate on what the situation really is.”

This followed a motion by Senator Nazif Suleiman (Bauchi North) titled: “The state of the economy: Naira depreciation and its implications.”

The Senate also resolved to urge the Federal Government to step up efforts in diversifying the national economy from oil export into an economy that depends on taxation, agriculture, manufacturing, international tourism and solid minerals prospecting.

Suleiman in his lead debate noted with concern the state of the Nigerian economy as it affects the depreciation of the naira.

The lawmaker said he is worried that the naira has depreciated in the last few months at a much faster rate than it had appreciated over the last two years.