The Senate on Wednesday passed a resolution summoning Central
Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, to appear before
the lawmakers and brief them on the status of the Naira. In the
resolution which followed a two-prayer motion by Sen. Nazif Suleiman
(APC Bauchi North), the senate also charged the Federal Government
to step up efforts at diversifying the economy.
President of the Senate, Bukola Saraki, while presiding, urged the
government to focus on other revenue sources like taxes, agriculture,
manufacturing, tourism, and solid minerals.
Saraki, who commended the mover of the motion, said that the senate,
and indeed all Nigerians, must contribute in the defence of the Naira
against all other currencies.
“The naira is being subjected to speculations and the only way to
defend it is to know that government policy makers are firm in the
defence of the naira. “It will not be easy because speculators are
relentless, but if we give all the support and stay on course, our naira
will indeed stabilise.
“Nobody would have believed that we could stop the importation of
cement; I think we can do that for rice, palm oil, wheat, and other
products that we can produce in Nigeria,” he said. Saraki said that
although some policies may seem to be adversely affecting Nigerians,
all citizens should exercise patience, noting that good economic
policies would be beneficial.
In his remarks, sponsor of the motion, Suleiman, expressed worry over
Naira depreciation in the last few months, especially due to activities
of speculators. He said that illicit money flow and laundering in the
country had contributed to the problems and called for a review of
CBN’s foreign exchange processes.
Other senators who contributed said that the nation’s over dependence
on importation rather than manufacturing was a major factor for the
depreciation of the Naira to the dollar. According to Sen. Usman
Nafada (APC Gombe North), depreciation of the Naira is due to
pressure arising from expenditure on imported products.
He said that the amount of dollars stashed away by some people in
their houses and farms also increased the pressure on the naira. Sen.
Olaka Nwogu (PDP Rivers South-East) said “our dependence on only
one source of revenue whose value has dropped by half is part of the
problem.
“My suggestion therefore is that we need more industries so that
people can get employed.” Nwogu accused 90 per cent of those in the
senate as contributors to the problems and therefore urged them to
begin the industrial revolution with their constituency projects.
He sought a legal framework that would compel the establishment of
at least one industry in each senatorial zone. “We cannot keep
consuming in this hard times,” she said. In his contribution, Sen. Philip
Aduda (PDP FCT) urged the APC-led Federal Government to put its
house in order and appoint economy managers.
He also said that state governments should focus more on
establishing industries to create jobs rather than awarding contracts
with monies meant for salaries.

http://www.vanguardngr.com/2015/08/senate-summons-emefiele-over-naira-value/#sthash.rYfk0o6o.dpuf

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