Godwin Emefiele, Governor CBN
Godwin Emefiele, Governor CBN

Godwin Emefiele, governor, Central Bank of Nigeria (CBN) has been summoned to appear before the Senate on Tuesday, January 19, to explain the continuous depreciation of the Naira in the foreign exchange market.

The development followed a Point of Order raised by the Leader of the Senate, Senator Ali Ndume of the All Progressives Congress(APC), Borno South.

Bukola Saraki, Senate President, who presided over the plenary where the issue was raised, directed Ndume to communicate the Senate’s invitation to the CBN governor.

The value of the Naira in the parallel market has gone down to N305 against the US Dollar, although the official exchange rate is N197. The widening gap between the official and the parallel rate worsened following the CBN decision to stop the sale of forex to licensed Bureau de Change in the country.The Naira depreciated in the parallel market by N25 between Monday and Wednesday, following the announcement by CBN on Monday to stop sales of dollars to BDCs.

By Dike Onwuamaeze

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