Senate summons Emefiele over naira depreciation

‎The senate has summoned Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), to shed light on the causes of the nosedive in the value of the naira and the implications of the depreciation, and to state ways out of the woods.

The naira has been hit by depreciation, exchanging at N250 for $1 in the parallel market at the height of its plummet.

However, the recent moves of the CBN have held the naira “on strings”, relatively forestalling a further fall.

As of Tuesday,‎ a dollar was exchanged for N210 at the parallel market, according to some operators of Bureau de Change (BDC).

‎And on Wednesday, the senate noted “with concern the state of the Nigerian economy as it affects the growing rate depreciation of the naira”.

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”.

After a brief debate‎, the senate 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”.

The senate, however, rejected calls for the summoning of Ibrahim Lamorde, chairman of the Economic and Financial Crimes (EFCC).

Mao Ohuabunwa (Ebonyi) had prayed the senate to invite Lamorde alongside the CBN governor to explain how the EFCC was checking the flow of illicit funds.

But the lawmakers, thundered “nay” in disagreement to the prayer‎ after Bukola Saraki, senate president, put it to a voice vote.