The Nigerian Senate has summoned the Governor of the Central Bank of Nigeria, Godwin Emefiele over the declining value of the Naira.
This is even as Nigerian consumers, businesses and individuals alike are facing challenges and headwinds and are reeling in an atmosphere of hopelessness.
This is because of many challenges, among these is majorly the precipitous fall of the naira in the parallel market.
The local currency hit a new low of N680 to the greenback on the parallel market as at Wednesday afternoon.
But the end to this national embarrassment seems not in the immediate sight as the supply side is still very weak, in an import deoendent economy.
Also, power supply shortage with national grid going below 3000MW and now the almost unaffordable price of diesel (N850/liter).
According to Bismarck Rewane “In spite of the hike in interest rates, we are witnessing what some analysts fear may become a bout of runaway inflation.“
However, the summon followed a motion moved by Senator Olubunmi Adetunmbi on Wednesday during plenary on the state of the central bank intervention funds and the free fall of the Naira.
According to a resolution passed by the upper legislative chamber, following deliberation on the motion, Emefiele will come into plenary and address distinguished Senators in closed door.
The Senate in the resolution also urged its Committee on Banking, Insurance and other Financial Institutions to conduct an assessment on the decline in the value of the naira to come up with sustainable solutions.
Meanwhile, in the interim, the Senate called on the CBN to urgently intervene to stop the rapid decline in the value of the Naira in service to the dollar and other international currencies.
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Proffering the way out, Rewane said, “In times of difficulty, resilient people do not despair.
This is because Isaac Newton in the laws of gravity states that “what goes up must come down”. As a matter of fact, this is just a passing phase and the good news is that harvest is around the corner and it is expected that interest rate hike will begin to taper inflation soon.
Finally, it’s another election cycle! All citizens will have the opportunity to elect a new president that will pilot the affairs of this nation for the next four years.“
