Senate step in summons Emefiele as dollar surges to N700

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The Nigerian Senate has summoned the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, amid the continuous weakening of the country’s currency, the Naira.

This was in response to a resolution proposed by Senator Olubunmi Adetunmbi (APC, Ekiti North) and approved by other senators at plenary on Wednesday, July 27, 2022, according to Daily Trust.

In recent months, the dollar has steadily risen against the naira, resulting on high commodity prices in the market.

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However, the Naira fell further on Wednesday, trading between N690 and N700 per dollar on the parallel market.

Members of the upper Legislative Chamber were alarmed by the development and demanded an immediate response from the CBN to halt the rapid decline in the value of the naira.

Sani Musa, a Senator representing Niger East, said the Naira would regain its value if Nigeria produced what her residents consumed.

Senator Biodun Olujimi (Ekiti South) accused the CBN of failing to uphold its responsibility to defend the naira.

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“Most of what is happening is because people are taking out the dollar and selling and bringing them back in — we should be penalising somebody for what has happened to the naira-dollar rate.”

The Nigerian economy is primarily reliant on the dollar, which is the currency used to import the majority of the goods that its residents consume.

According to experts, the Naira will continue to play second fiddle to the dollar until the country is able to generate the majority of what it consumes.

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