Senate summons CBN Governor.

The Nigerian senate today summoned the Central Bank of Nigeria governor,
Godwin Emefiele to brief the senate on the depreciation of the naira in
Nigeria.
The decision was taken after a motion was raised by Senator Nazif Suleiman
representing Bauchi North Senatorial District.

Suleiman expressed his sadness concerning the recent depreciation of the
value of naira, saying, “the senate notes with serious concern the state of the
Nigerian economy as it affects the growing rate of the naira.

“Aware that the cause of the depreciation is the consequence of the negative
cash flow as a result of downward trend of oil price, which is further worsened
by speculations in the foreign exchange market.
“It’s also observed that the foreign exchange needs of the various sectors of
the economy are now not being made available.” .

As the deliberations went on, the senate also 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.

The senate president, Bukola Saraki commended the government and the CBN
for all their efforts and has pledged to give his support in strengthening the
naira.
“Its clear that the naira is being subjected to speculators. The best way to
defend it is for them to know that our government policy makers are firm and
consistent in defending the naira”, said Mr Saraki.