Thursday, 6 October 2016

Reps Demand For CBN Gov. Emefiele's Sack Over Rapid Fall Of Naira

Updated 6 October, 2016
– For some months now, it has been a free fall for the naira, Nigeria’s currency and this has troubled the citizens. 

– At a session of the House of Representatives on Wednesday, October 5, some lawmakers demanded Godwin Emefiele’s sack as CBN governor. 


The fear that Godwin Emefiele may have begun the journey to his removal as the governor of the Central Bank of Nigeria (CBN) emerged on Wednesday, October 5, 2016, after the House of Representatives set up an ad-hoc committee to investigate how the foreign exchange released to Bureau de change operators is utilized.


The committee was set up after some members of the House, through a motion, further demanded for Emefiele’s sack following the naira’s free fall against the dollar. 


In the motion titled: ‘Call for investigation of the Central Bank of Nigeria’s forex policies’, and sponsored by Ali Isa, a member of the House, the members lamented that despite CBN’s policies, the country’s currency has continued to perform badly in the foreign exchange market.


The Cable reports that a member of the House, Mojeed Alabi, in his contribution, noted that Emefiele had rebuffed many invitations to discuss some of the bank’s policies.He said: “Over the falling of the naira, the CBN governor and his team should be sacked.” 


In his contribution, Wale Raji, another member of the House, described Nigeria as the only country that relies on the black market. 


“Who is in charge of our Forex CBN or the black market? This is the only country in the world where the black market rates are quoted on television. “If Nigeria were to be a normal country, the CBN governor and his team should be sacked,” he said. 


Further talking about the motion, the minority leader of the House, Leo Ogor, urged his colleagues to liaise with the executive arm for a lasting solution, adding: “The only thing we do is pay lip service.” 


The Northern Youth Council of Nigeria (NYCN) had also called on Mr Godwin Emefiele to resign within 21 days or transform the country for good. 

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