The Senate on Wednesday July 27, resolved to summon Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, over skyrocketing inflation and naira devaluation.
This is coming as naira has crashed further in the parallel market, trading for N700 against the U.S. dollar. The national currency which traded for N670 against the dollar on Monday, July 25, crashed even further by 6.7 percent today July 27.
Nigerian Senators lamented that the United States dollar to naira had risen to N700 and there’s need for immediate action.
The resolution to invite Emefiele was reached following a motion moved by Senator Olubunmi Adetunmbi, a lawmaker representing Ekiti North Senatorial District.