Reps demand Emefiele’s sack over falling value of naira

Some members of the house of representatives have called for the sack of Godwin Emefiele, governor of Central Bank of Nigeria (CBN), and his team over the continuous fall of the naira at the parallel market.

The call for his sack by the legislators emanated from a motion entitled ‘Call for investigation of the Central Bank of Nigeria’s forex policies’, sponsored by Ali Isa.

Contributing to the debate, Mojeed Alabi expressed dismay that the CBN governor ignored several invitations to discuss some of the bank’s policies with the lower chamber.

“Over the falling of the naira, the CBN governor and his team should be sacked,” Alabi said.

Also, Wale Raji, while calling for the sack of the CBN governor, said Nigeria is the only country that quotes “black market” figures as officials.

“Who is in charge of our Forex CBN or the black market? This is the only country in the world where the black market rates are quoted on television,” Raji said.

“If Nigeria were to be a normal country, the CBN governor and his team should be sacked.”

Although, Leo Ogor, minority leader of the house, kicked against the sack of the CBN governor, he said the legislature in conjunction with executive should find a solution to the problem.

“The only thing we do is pay lip service,” he added.

Meanwhile, moving the motion on the floor earlier, Isa said despite the weekly releases by the CBN to the Bureau de Change (BDCs) and the banks, the value of naira against the dollar had continued to depreciate.

The house resolved to set up an ad hoc committee to interact with the BDCs and other establishment that receive foreign exchange directly from the CBN, so that they can explain how they utilis the forex.

The house adopted the motion after it was put to a voice vote by Yakubu Dogara, the speaker.