Trouble for CBN Governor as Senate Takes Firm Decision Over Dollar to N700, Highlights Sanctions for Emefiele
- The Nigerian Senate on Wednesday, July 27, summoned the Central Bank of Nigeria's governor over the spike exchange rate between the naira and the dollar
- The call for Godwin Emefiele to appear before the Senate followed a motion sponsored by the senator representing Ekiti North
- Another senator said that the major cause of the wide exchange rate between the currencies is because Nigeria runs a consumer economy
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Following the continuous rise in the exchange rate between naira and dollars at the parallel market, lawmakers of the Nigerian Senate have summoned the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele.
The lawmakers' demand to have Emefiele appear before the Senate followed a motion sponsored by Senator Olubunmi Adetunmbi of the All Progressives Congress, Ekiti north.
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Daily Trust reports that while contributing to the debate, the Senator representing Niger East senatorial district, Sani Musa, said that the naira is bound to appreciate if citizens consume what is been produced in the country.
Also speaking, the senator representing Ekiti south, Biodun Olujimi accused the CBN governor of failing to take the responsibility to defend the naira.
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Her words:
“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.”
The naira currently trades between N690 and N700 in the parallel market with the Senate calling on the apex bank to do all within its power to stop the declining value of the Nigerian currency.
In a voice voting called for by the Senate president, Ahmad Lawan, the Upper Chamber adopted the motion for the summoning of the CBN governor.
Buhari asks Senate, Lawan to confirm 19 nominees as INEC commissioners, gives reasons
On Tuesday, July 26, President Muhammadu Buhari urged lawmakers of the Nigerian Senate to confirm 19 nominees as Resident Electoral Commissioners for the Independent National Electoral Commission (INEC).
The president in a letter dated July 25, 2022, and sent to the leadership of the Upper Chamber said that the request for the confirmation of the nominees was in accordance with the provisions of Section 154 (1) of the Nigerian Constitution.
Read by the Senate president, Ahmad Lawan on the floor of the plenary, the president in his letter explained that the nomination of five REC is for renewal, while the other 14 are fresh appointments.
Buhari formally writes Senate to confirm Justice Ariwoola as CJN, makes 1 other nomination
President Muhammadu Buhari had written to the senate to confirm the nomination of Justice Olukayode Ariwoola as chief justice of Nigeria.
Ariwoola has been acting chief justice since the resignation of the former CJN, who said his resignation was due to his health.
Buhari also asked the senate to confirm the nomination of Suleiman Afikpo as commissioner representing the southeast zone in the national Hajj commission.
Source: Legit.ng
