Senate invites Emefiele as exchange rate of Naira falls to N700 to Dollar  

The Senate of the National Assembly on Thursday passed a resolution to invite the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, to account for the unrestrained depreciation of the Naira to the dollar in the foreign exchange market.

The Naira as at Thursday morning, was exchanging for over N700 to a dollar in the parallel markets. On Tuesday into Wednesday, the Naira was exchanged between N720 and 750 to a dollar.

The Senate, in the resolution on a motion on ‘the state of CBN Intervention funds and the free fall of the naira’, directed the Committee on Banking, Insurance and Other Financial Institutions to investigate the effect of CBN intervention funds to support critical sectors of the economy.

Senator Olubunmi Adetunmbi sponsoring the motion expressed the need for extraordinary measures to address the crisis of the Nigerian economy.