The Senate has summoned the governor of the Central Bank of Nigeria, Godwin Emefiele, over the depreciation of the naira.
The Red Chamber also mandated the Senate Committee on Banking, Insurance and Other Financial Institutions to assess the impact of CBN intervention funds meant to support critical sectors of the economy.
These resolutions were reached by lawmakers after the upper legislative chamber considered a motion sponsored by Senator Olubunmi Adetunmbi (APC – Ekiti North).
Naira further depreciated on Wednesday at the parallel market to N710 to a United States dollar.
The collapse of the naira prompted the lawmakers’ decision to invite the CBN governor following the motion by Adetunmbi.
Sani Musa, senator representing Niger east, said the naira would appreciate only if the country become a productive one.
The Senator representing Ekiti south, Biodun Olujimi, accused the CBN governor of not taking responsibility, which he said led to the crash of naira.
“Someone should be able to say I have failed, and that is the CBN,” Olujimi said.
He added: “Most of what is happening is because people are taking out the dollar and selling and bringing them back in — we should be penalising somebody for what has happened to the naira-dollar rate.”
“The time has come for us to look holistically into what is happening. What is happening to the dollar is a replica of what is happening to Nigeria.”