Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN), has been summoned by lawmakers over the continuous depreciation of the Naira.
According to reports, Naira is currently trading between N690 and N700 per Dollar in the parallel market, a situation that has generated an uproar amongst Nigerians.
Buba Babangida, a black market operator at Ajao Estate, Lagos confirmed to TechEconomy on a call that the Dollar was being traded at N685 on Wednesday.
In view of the development, Lawmakers were of the opinion that the Naira would depreciate further if Africa’s largest economy continues to consume without producing.
However, they accused the CBN of taking responsibility to defend the Naira.
The Upper Legislative Chamber asked the apex bank to stop the rapid decline of the value of the Naira.
Biodun Olujimi, Senator representing Ekiti South said: “Most of what is happening are 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 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 motion was adopted after Senate President Ahmad Lawan put it to a voice vote.
Author
