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LequteMan
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Nigeria - CBN Governor Godwin Emefiele has been summoned to brief the senate on the recent depreciation of the Naira.
The Senate on Wednesday passed a motion directing the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, to appear before it to brief members on the state of the nation’s economy, especially the alarming naira depreciation.
The upper chamber gave the directive after an exhaustive debate on a motion moved by Senator Nazfiz Suleiman (Bauchi North) entitled: ‘The state of the economy: Naira depreciation and its implications’.
He expressed worry that naira had depreciated in the last few months at a much faster rate than it appreciated over the last two years.
The senator further argued that the depreciation was the consequence of the negative cash flow, which he said resulted from the downward trend of oil prices.
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Punch
The Senate on Wednesday passed a motion directing the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, to appear before it to brief members on the state of the nation’s economy, especially the alarming naira depreciation.
The upper chamber gave the directive after an exhaustive debate on a motion moved by Senator Nazfiz Suleiman (Bauchi North) entitled: ‘The state of the economy: Naira depreciation and its implications’.
He expressed worry that naira had depreciated in the last few months at a much faster rate than it appreciated over the last two years.
The senator further argued that the depreciation was the consequence of the negative cash flow, which he said resulted from the downward trend of oil prices.
click here to read full story
Punch
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