The Senate, on Wednesday, summoned the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, over inflation and naira devaluation which had led Nigerians to more hardship.
The senators lamented that the United States dollar to naira had now risen to around N700 which was very sad and calls for immediate attention.
The decision of the upper legislative chamber followed a motion by Olubunmi Adetunmbi, the lawmaker representing Ekiti North.
Contributing to the debate, Sani Musa, representing Niger eEast, said the naira would appreciate if we consume what we produce.
“Let’s eat what we have; let’s do with what we have. Naira will continue to appreciate until we start manufacturing,” Musa said.
On her part, Biodun Olujimi, representing Ekiti South, said the CBN is not taking responsibility that it has failed to defend the naira.
“Someone should be able to say I have failed, and that is the CBN.
“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,” She said.
The upper legislative chamber asked the apex bank to stop the rapid decline of naira.
The motion to summon Emefiele was adopted after Senate President, Ahmad Lawan, put it to a voice vote.