The Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, is set to appear before the Senate to shed more light on the rapid depreciation of the value of the naira in a closed session.
The exchange rate in the autonomous segment (BDCS) of the foreign exchange market is N670 to 1 United States Dollar and it is projected to end at N1000 by end of the year based on the current rate of depreciation.
The senate, therefore, 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.
The resolutions were reached by lawmakers after the upper chamber considered a motion sponsored by Senator Olubunmi Adetunmbi (APC – Ekiti North). The motion was entitled, “State of CBN Intervention Funds and Free Fall Of Naira.”
The Senate, in its resolutions, called on the CBN to urgently intervene to stop the rapid decline in the value of the Naira vis-à-vis the Dollar and other international currencies.
The Senate, at the end of Wednesday’s proceedings, adjourned the plenary till September 20th, 2022, for its annual recess.