In the face of the recent nose-diving value of Naira to dollar which appears to have heightened by the day, the senate has summoned Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), to explain reasons for such trend and the modalities for solving the problem.
The naira has been hit by depreciation, exchanging at N250 for $1 in the parallel market though, the CBN have embarked on measures to forestall a further fall.
The senate had also taken this action having noted “with concern the state of the Nigerian economy as it affects the growing rate depreciation of the naira”.
As of Tuesday, a dollar was exchanged for N210 at the parallel market, according to some operators of Bureau de Change (BDC)
A motion moved by Nafiz Suleiman (Bauchi north) observed that “the illicit fund flow and money laundering going through Nigerian financial system contributes in weakling the value of the naira”, adding that “the procedure for processing demand and supply of foreign exchange by the CBN be reviewed and various additional options considered to stem the precipitous depreciation of the naira and thereby discouraging speculators.”
Following a brief debate, the senate however urged “the federal government to step up efforts in diversifying the national economy from the oil export into an economy that depends on taxation, agriculture, manufacturing, international tourism and solid minerals prospecting”.
It further urged the government to stop the leakages in the national economy, asking it to “give the marching orders to the CBN to bring to book anyone who is found wanting of money laundering and other related offences”.