*The Nigerian Senators have declared, that based on the available indices, the Nigerian economy is in comatose with no visible sign of recovery, worsened by insecurity challenge ravaging the country

Isola Moses | 绿帽献妻

Concerned about the inflationary trend and the rising Foreign Exchange (Forex) rate in the economy, the Nigerian Senate has summoned Mr. Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN).

绿帽献妻 reports the Federal legislators said they invited the CBN Chief for explanation in regard to the free fall of value of Naira against international currencies in recent times.

The Upper Legislative Chamber declared, that based on indices on the ground, the Nigerian economy was in comatose with no visible sign of recovery.

In a motion from Senator Olubunmi Adetunbi (Ekiti North, in Ekiti State), it is noted the Red Chamber, as a matter of responsibility, needed to open up on the comatose state of the country鈥檚 economy.

Senator Adetunbi, in the In the motion, stated the rate at which the value of the Naira is depreciating requires urgent attention from relevant stakeholders in the country.

The lawmaker said: 鈥淭oday (Wednesday), the value of Naira at the parallel market hovers between 680 and 700 per one US Dollar.

“This is very injurious to the already ailing economy as prices of goods and materials imported into the country keep skyrocketing on a daily basis.”

Contributing to the motion, Senator Sani Musa (Niger East, in Niger State) also noted that the situation at hand was worsened by problem of insecurity ravaging the various segments of the country.

Musa lamented that the CBN鈥檚 refusal to enrich liquidity of Bureau De Change operators with at least $10,000 injection into their operations was worsening the problem being faced by the value of Naira.

The legislator also submitted: 鈥淣aira will continue to depreciate as far as Nigeria remains a consumer and not a productive nation.

鈥淣o miracle can strengthen the Naira since Dollars are being run after by the government and her citizens for transactions.

He further said, “even the Agricultural sector the government attempted to use as diversification is not yielding any result due to the problem of insecurity that had made many of the farmers to abandon their farms.鈥�

In her contribution, Senator Biodun Olujimi (Ekiti South) attributed the聽 Naira depreciation to ’round tripping’ being practiced by some people in government.

Senator Olujimi stated: 鈥淣igerian economy no doubt, is seriously bleeding with no concrete steps being taken to revive it.”

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