Godwin Emefiele, governor of the Central Bank of Nigeria, will appear before the senate on Wednesday, TheCable has learnt.
Last Wednesday, the senate had summoned Emefiele to shed light on the causes of the nose-dive of the naira, the implications of the depreciation as well as to explain the state of economy.
The naira has been hit by depreciation, exchanging at N243 for $1 in the parallel market at the height of its plummet.
As of Monday, a dollar exchanged for N225 at the parallel market, according to some operators of bureau de change (BDC).
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In a motion moved by Nafiz Suleiman (Bauchi north) the senate had 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.”
After a brief debate, the senate resolved to 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”.
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