Reps investigate CBN’s forex policy …call for Emefeile’s resignation


 The House of Representative endorsed an investigation into the foreign exchange policy of the Central Bank of Nigeria (CBN), over the continuous fall of naira.
The House has therefore resolved to set up an Ad-Hoc committee to interact with the CBN with a view to obtaining the list of establishments that were issued forex at subsidized rate, and also the BDCs, banks and institutions that obtained forex direct from the CBN for the purpose of obtaining details of how such was utilized.
The panel is also expected to recommend appropriate measures that could stabilize the forex market in Nigeria, towards strengthening the Naira. It is to within six weeks, report back to the House.
Some members however called for the removal of the CBN Governor, Godwin Emefiele over his inability to manage the forex market, leading to the continuous free fall of the nation’s currency.
Ali Isa had in a motion on the need to investigate the CBN’s forex policy noted that despite the weekly releases by the CBN to the Bureau de Change (BDCs) and the banks, the value of naira against the dollar had continued to depreciate.
Mojeed Alabi in his debate expressed dismay that the CBN governor on several invitations failed to show up to rub minds with them on some of these policies. “Over the falling of the naira the CBN governor and his team should be sacked,” he said.
Wale Raji, while calling for the sack of the CBN governor, said Nigeria was the only country that quoted “black market” figures as officials. “Who is in charge of our Forex CBN or the black market, this is the only country in the world where the black market rate are quoted on television. If Nigeria were to be a normal country the CBN governor and his team should be sacked”, the lawmaker said.


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