Senate summons Emefiele as the dollar to naira exchange rate falls to N710

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Naira to dollar , Dollar to Naira

The dollar to naira exchange rate has crashed to N710.

 

The Senate on Wednesday summoned the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, over the poor state of the Naira.

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This came after the Senate’s plenary adopted a motion brought forth by Olubunmi Adetumbi, the senator representing Ekiti North.

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Ejes Gist Newspaper Dollar to Naira Watch reported on Wednesday that the black market exchange rate of the Naira To Dollar increased from N665 the day before to N685 on Tuesday.

Additionally, the dollar appreciated against the naira on the official foreign exchange market, trading at N431 as opposed to N427.30 on Monday. While on Tuesday the Dollar to Naira crashed to N710 .

The Senator representing Ekiti South, Abiodun Olujimi, said the CBN has failed in its duty of increasing the value of the Naira and making it one of the best currencies in the world.

Olujimi said someone must be held responsible for the poor state of the Naira.

She also drew similarities between the rising cost of living and the dollar in Nigeria.

The senator said: “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 penalizing somebody for what has happened to the dollar.

“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.”

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