The Senate Wednesday angrily summoned the Governor of Central Bank, Godwin Emefiele, over free fall of value of Naira against international currencies.
It declared that based on indices on ground , Nigeria economy is in comatose with no any sign of reviving it.
Anger of the Senate on the bad shape of the Nation’s economy was fueled by a motion sponsored by Senator Olubunmi Adetunbi (APC Ekiti North) .
Adetunbi in the motion said the rate at which the value of Naira is depreciating , requires urgent attention from relevant stakeholders.
“Today the value of Naira at the parallel market hovers between 680 to 700 per one US Dollar.
“This is very injurious to the already ailing economy as prices of goods and materials imported into the keep skyrocketing on daily basis,” he said.
In his contribution, Senator Sani Musa (APC Niger East), said the situation at hand is worsened by problem of insecurity ravaging the various segments of the country.
He lamented refusal of CBN to enrich liquidity of Bureau De Change with at least $10,000 injection into their operations is worsening the problem being faced by the value of Naira.
“Naira will continue to depreciate as far as Nigeria remains a consumer and not a productive Nation.
“No miracle can strengthen the Naira since dollars are being run after by government and her citizen for transaction.
“Even the Agricultural sector the government attempted to use as diversification is not yielding any result due to the problem of insecurity that had made many of the farmers to abandon their farms,” he said.
Senator Biodun Olujimi (PDP Ekiti South) in her contribution attributed the problem of Naira depreciation to round tripping being practised by some people in government.
“Nigeria economy no doubt, is seriously bleeding with no concrete steps being taken to revive it,” she said.
Senator Ahmed Babba – Kaita (APC Katsina North) , in his contribution , pointedly urged the Senate to mandate its Committee on Banking , Insurance and other Financial Institutions to conduct assessment of CBN’s effort in stabilising the value of Naira.
Consequently, the Senate in its resolution, mandated the committee to summon the CBN Governor for policy direction submission on the value of the Naira and ailing economy generally.
