Nigerian Senate Summons Godwin Emefiele Over Falling Of Naira.

After a brief debate, the Senate on Wednesday agreed to summon Godwin Emefiele, governor of the Central Bank of Nigeria (CBN)
over the state of the economy, especially on the falling value of the naira.
The senators said the presence of Emefiele is needed in the upper chamber to brief members especially on the implications of the free fall of the naira and on what is being done to halt the depreciation of the currency.

This followed a motion moved by Senator Nafiz Suleiman (Bauchi north) titled: “The state of the economy: Naira depreciation and its implications,” in which the lawmaker identified the illicit fund flow and money‎ laundering through Nigerian financial system as one of the factors contributing to the weakening of the naira.
Suleiman said he is worried that the naira has depreciated in the last few months at a much faster rate than it had appreciated over the last two years.

The senator argued in the motion that there is the need to review the procedure for processing demand and supply of foreign exchange by the CBN and consideration of other appropriate additional options to stem the precipitous depreciation of the naira and to discourage currency speculators.
After a debate of the motion, the senators passed a resolution urging the federal government to step up efforts to diversify the economy from its current dependent on oil export.

The senators said the federal government must take measures to increase the contribution of taxation, agriculture, manufacturing, international tourism and solid minerals prospecting to the economy while all leakages should also be stopped.
The lawmakers also said anyone found wanting of money laundering and other related offences should be brought to book by CBN.
However, suggestions that Ibrahim Lamorde, chairman of the Economic and Financial Crimes should be summoned to explain how the anti graft agency was checking the flow of illicit funds into Nigeria was rejected.
Source: PM News