Senate Summons CBN Governor Over Depreciating Naira

The Senate has summoned the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, to explain the depreciation of the Naira and its implications for the Nigerian economy.

Federal lawmakers expressed concern that the Naira had depreciated in the last few months at a much faster rate than it had appreciated over the last two years.

The federal lawmaker, who moved the motion raised an alarm that the illicit fund flows and money laundering going through the Nigerian financial system is contributing to weakening the value of the Naira.

The Senate President, Dr Bukola Saraki, said there is a need to check the illicit cash flow in Nigeria.

After the debate, the Senate agreed to invite the CBN Governor to brief the Senate on the depreciation of the Naira and its implications for the Nigerian economy.

The Senate also asked the Federal Government to step up efforts at diversifying the nation’s economy from an oil reliant economy to one that depends on taxation, agriculture, manufacturing, international tourism among others.

Earlier, the Presidency underscored the need to diversify Nigeria’s economy through a massive food production programme that would commence soon.

The Permanent Secretary of the Ministry of Agriculture, Mr Sonny Echono, told reporters in Abuja on Wednesday that the programme was aimed at creating huge employment especially among youths across Nigeria.

[Channelstv]