The Nigerian Senate today, August 5, summoned the Central Bank of Nigeria governor, Godwin Emefiele to brief the Senate on the depreciation of the country’s naira.
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 to diversify the national economy from oil exports 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,” Saraki said.
However, efforts by Senator Mao Ohabunwa to call for the invitation for the chairman of the Economic and Financial Crime Commission, Ibrahim Lamorde, to explain to the House how illicit funds were handled was turned down by the Senate.
Meanwhile, Emiefiele three weeks back revealed that the external reserves of Nigeria rose to $31.89 billion as of July 7, 2015.