The Senate on Wednesday summoned the Governor of the Central Bank of Nigeria, Godwin Emefiele, over the alarming depreciation of the value of the Naira.
The Naira which has been on a free fall in the past week has sunk uncontrollably to a record low of N710 to the Dollar.
Alarmed by the absence of rescue for the badly humiliated national currency, the bewildered Senate summoned Emefiele to provide urgent answers to what has become a suffocating national embarrassment.
The decision followed a motion by Olubunmi Adetunmbi, the Senator representing Ekiti North.
In her contribution, his counterpart representing Ekiti South, Senator Abiodun Olujimi, blamed the CBN for the dramatic fall of the Naira.
She said that the CBN should admit failure on the lingering slide of the Naira.
She said that the Naira’s problem is traceable to the dangerous round tripping in the Dollar which has badly mauled the Naira.
“Someone should be able to say I have failed, and that is the CBN,” Olujimi said.
“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 time has come for us to look holistically into what is happening. What is happening to the Naira is a replica of what is happening to Nigeria.”
Details later •••