The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele will appear before the Senate on Tuesday, January 19, 2016, reports say.
According to Punch Newspapers, the Senate would like to find out from the CBN Governor, why the Naira is steadily depreciating against the United States dollar.
Reports say the issue was raised by Senate Leader, Senator Ali Ndume, who said “As of today, the naira is exchanged for 305 to one dollar. In view of this worrisome situation and the fact that we all know that this country depends so much on imported materials and even food, there is a need for this Senate to, as a matter of urgency, invite or summon the governor of the CBN to explain this situation and to provide the necessary solution to this situation.”
In his response, the Senate President, Bukola Saraki said “The leader of the Senate, in line with our rule 42 (1) did mention this and in line with our rules also, we must get the views of the senators that we should stand this down till Tuesday next week.
“The Senate Leader, you should convey our resolution to the central bank governor and invite him to come on Tuesday by 11:00am to present the reasons for the weak naira before the Senate.”
The Senate is one of the Chambers in Nigeria’s bicameral legislature, of the National Assembly.
There are one hundred and nine (109) members in the Senate corresponding to the 109 senatorial districts in the country. Senatorial Districts are evenly distributed among the thirty six states.