SAN FRANCISCO, January 14, (THEWILL) – The Senate has summoned Godwin Emefiele, Governor, Central Bank of Nigeria, to appear before it on Tuesday next week to explain the continued depreciation of the naira following a Point of Order raised by the leader of the Senate, Ali Ndume.
Speaking under Order 42 (1) of the Senate Standing Orders, under matter of urgent public importance, Ndume said it was expedient for the Senate to invite the CBN governor on the matter.
“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 the Governor of CBN to explain this situation and to provide the necessary solution to this situation,” he said.
The naira depreciated further to a 43-year low at N305/$ as scarcity of dollars intensified in the unofficial market.
From an average of N287/$ on Tuesday, the parallel market exchange rate rose to an average of N305/$ across the country.
Worse still, traders have speculated that the Naira may exchange for N320 against the dollar next week at the parallel market if shortage of the greenback persists,
At the inter-bank foreign exchange market, the nation’s currency firmed slightly against the dollar at N0.10k or 0.05 percent, as it closed at N199.35k/$ compared with N199.45/$ the previous day, according to data from FMDQ.
However, the CBN’s clearing rate remained unchanged, closing at N197.00k/$ at the inter-bank foreign exchange as seen on FMDQ website.
With this in view, the Senate president, Bukola Saraki, directed Ndume to convey the Senate’s resolution, inviting the CBN governor to appear by 11am on Tuesday, to Emefiele.
Story by David Oputah
