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Senate quizzes CBN governor, Emefiele, over financial crisis

The governor of the Central Bank of Nigeria, Godwin Emefiele, on Tuesday, addressed the Senate over the nation’s current currency crisis.

Mr. Emefiele was invited, following a resolution last Thursday, to brief the Senate on the depreciation of the naira.

He, however, briefed the legislators in a closed-door session.

After the session, president of the Senate, Bukola Saraki, said the CBN governor spoke to the Senate about foreign exchange and issues relating to national and global economy.

“Thereafter, the governor answered questions from Senators on these issues and other topical economic matters,” Mr. Saraki said.

According to Mr. Saraki, Mr. Emefiele had also clarified issues “regarding those speculating on foreign exchange market”.

Mr. Saraki also quoted Mr. Emefiele as assuring that the “Central Bank has no intention to confiscate dollars that have been deposited”.

CBN would continue to support downward interest rate regime and policies that would diversify the economy, Mr. Saraki said, further quoting the CBN governor.

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