Archive Senate Invites CBN Governor to Clarify Naira Devaluation Issues

Senate Invites CBN Governor to Clarify Naira Devaluation Issues

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The Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, on Tuesday, met with lawmakers at the Senate.

It was gathered that Mr Emefiele briefed lawmakers on the monetary policies he has adopted to strengthen the naira and revamp the economy and verified that it is in the best interest of the country.

The Senate had summoned Mr Emefiele to explain the continuous devaluation of the naira, as it has done earlier in 2016.

The Deputy Chairman of the Senate Committee on Media, Senator Ben Bruce, spoke to newsmen after the meeting.

“We are very impressed with his presentation. He explained to us, the difficulties we have (such as) commodity prices, drop in oil prices and the various shocks we’ve had in the system; decline in growth for two quarters in a row which means officially we are in a recession and we need to spend our way out of the recession and hopefully that is what is going to happen.

“He is optimistic with the floating exchange rate and lots of the stuff we have already read in the papers but we just had the privilege of having him here at the Senate talking to us and we are optimistic the economy would get better,” he said.

In the meantime, members of the red chamber have received a letter from the Presidency requesting the passage of the 2016 budget of over 37 federal agencies.

The agencies include the Central Bank of Nigeria, the Federal Inland Revenue Service, the Nigeria Television Authority, as well as the Federal Radio Corporation of Nigeria.

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