N700/$ exchange rate worries Senate, Emefiele summoned

N700/$ exchange rate worries Senate, Emefiele summoned

In a visible feat of anger, the Senate Wednesday, summoned Governor Central Bank of Nigeria (CBN) Godwin Emefiele over free fall of value of Naira against international currencies.

It declared that based on indices on ground, Nigeria economy was in comatose with no visible sign of recovery.

A motion from Senator Olubunmi Adetunbi (APC Ekiti North) was all the Red Chamber needed to open up on the comatose state of the nation’s economy.

In the motion, Adetunbi said the rate at which the value of Naira was depreciating required urgent attention from relevant stakeholders.

“Today, the value of Naira at the parallel market hovers between 680 and 700 per one US Dollar. This is very injurious to the already ailing economy as prices of goods and materials imported into the country keep skyrocketing on daily basis,” he said.

In his contribution, Senator Sani Musa (APC Niger East) said the situation at hand was worsened by problem of insecurity ravaging the various segments of the country.

He lamented that the CBN’s refusal to enrich liquidity of Bureau De Change with at least $10,000 injection into their operations was worsening the problem being faced by the value of Naira.

Musa said: “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 citizens 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.”

Also in her contribution, Senator Biodun Olujimi (PDP Ekiti South) attributed the problem of Naira depreciation to round tripping being practiced by some people in government.

“Nigerian economy no doubt, is seriously bleeding with no concrete steps being taken to revive it,” she said.

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