Senate Embarks on Two Months Recess Amid CBN Gov’s Summon over Naira Fall

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The Senate, on Wednesday, resolved to invite the Governor of the Central Bank of Nigeria, Godwin Emefiele, over the free fall of the naira in recent weeks.

Emefiele was asked to appear before the Senate in plenary and address the lawmakers behind closed doors.

The lawmakers, however, did not fix a date for the governor to appear. On Wednesday, the lawmakers also resolved to embark on a two-month recess that will end on September 20.

The resolution to invite the CBN chief was a sequel to the deliberation on a motion by the Ekiti senator, Olubunmi Adetumbi.

The motion comes amid the rapid depreciation of the naira.

The Naira fell significantly against the U.S. dollar at the official market on Tuesday. It opened at N427.30 and closed at N431.00 to a dollar.

At the parallel market, the exchange rate was up to N670 a dollar and as of Wednesday morning, it was pegged at N716 to a dollar although it fell briefly to about N670 to a dollar on Wednesday evening.

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