The Senate has decided to call the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, to testify about the causes of the naira’s sharp decline in value.
It has also instructed the CBN intervention funds intended to boost important economic sectors to be evaluated by the Committee on Banking, Insurance, and Other Financial Institutions.
Following consideration of a motion on the situation with the CBN Intervention funds and the wild fall of the naira by federal legislators, the Upper chamber is now voting on these resolutions.
Senator Olubunmi Adetunmbi, the motion’s sponsor, lamented Nigeria’s economic difficulties and called for extraordinary steps to overcome them.
In the parallel markets as of Thursday morning, the naira was trading for more than N700 to the dollar.