Emefiele under fire as naira hits over 700 per dollar

The Senate on Wednesday resolved to summon Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, over skyrocketing inflation and naira devaluation which continue to plunge Nigerians into hardship.

Stakeholders in key sectors of the economy expressed worry over the free fall of the naira against the United States Dollar.

The naira is currently being exchanged at N670 per dollar at the parallel market. There has also been a spike in dollar demand.

The resolution of the Senate followed a motion moved by Senator Olubunmi Adetunmbi, representing Ekiti North Senatorial District at plenary.

Details shortly…