Senate Summons CBN Gov Over Naira Depreciation

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It also mandated the Senate Committee on Banking, Insurance and Other Financial Institutions to assess the impact of CBN intervention funds meant to support

Coming under Order 41 and 51 of the Senate Standing Order , Adetunmbi bemoaned Nigeria’s economic reality amid an urgent call for “extraordinary measures”.He noted that the CBN through its numerous multi-sectoral intervention funds, provided special funds to support critical sectors of the economy.He explained that in view of such interventions, it had become necessary to assess the state of implementation and effectiveness of the funds deployed for the purpose.

In his contribution, Senator Sani Musa , faulted the Central Bank’s decision to halt foreign exchange biddings, thereby cutting off the parallel market – Bureau de change operators.According to him, the attempt by the CBN to control the value of the naira with the continuous exclusion of BDCs would only lead to its further depreciation.He, therefore, advised the apex bank to rather ensure the regulation and monitoring of the parallel market.

 

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