Lawmakers Summon Emefiele Over Naira Fall In Black Market

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Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN), has been summoned to appear in the Senate over the continuous fall of the naira against the United States (US) dollar in the Black Market.

The Red Chamber, on Wednesday, July 27, 2022, stated that Emefiele would be mandated to appear before it to answer questions fielded to him on the unfavourable Black Market foreign exchange (FX) in the country.

BizWatch Nigeria learnt that the lawmakers in the house summoned the CBN chief, as they lamented that naira now exchanges between N650 and N700 in the Black Market.

Why naira keeps falling

Alhaji Aminu Gwadabe, the President of the Association of Bureaux de Change Operators of Nigeria (ABCON), cited a combination of several factors, including currency substitution, politics, and exclusion of BDCs from participating in the FX market, as the reason for naira fall in the Black Market.

Gwadabe also blamed the lack of FX and a surge in demand for the recent uncontrolled uptrend recorded in the market. In the same vein, some bank users who have FX in their domiciliary account revealed that they have not been able to withdraw their funds from the bank due to tightened liquidity.

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