OrderPaperToday – The Senate has said it is satisfied with explanations offered by Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele on the free fall of the naira and the general state of the economy.

Chairman, Senate Committee on Media and Publicity, Senator Aliyu Sabi Abdullahi said this after a closed-door session where senators engaged the CBN governor on Tuesday.

Abdullahi said Emefiele presented a detailed, comprehensive and convincing account of the performance of the economy in the last one year.

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According to him, Emefiele’s presentation “began with the current global economic conditions, which have been characterised by external shocks, including the sharp decline in commodity prices, the geographical tensions along important global trading routes and tightening of monetary policy in the United States.”

The senate spokesman quoted the CBN Governor as saying that Nigeria is not doing badly when compared with her peers across the world.

He said senators asked questions on the fall in foreign exchange reserves, exclusion of some items from access to foreign exchange as well as policy coordination between fiscal and monetary authorities.

The Senate Spokesman said the CBN Governor drew linkages of these occurrences with the Nigerian economy, especially with respect to the over 70 percent decline in oil prices from about $116 per barrel in June 2014 to about $30 per barrel currently.

“The Governor’s presentation also gave us an insight into the bank’s analysis and understanding of the situation, and therefore, the rationale underlying the countervailing policy actions it has taken over the last couple of months”, he stated.

Abdullahi also said the senators sought clarification on the health of the banking system, stoppage of sale of foreign exchange to Bureau De Change and rise in inflation.

He said: “Following an exhaustive response by the Governor and his team, the Senate acknowledged that these are indeed difficult times all over the world and not just in Nigeria.

“The Senate also acknowledged the pains that many people may be facing at this time, especially in light of shortages of foreign exchange for legitimate business.

“But having carefully considered the policies of the CBN, the Senate would like to commend and support these policies because they are mostly geared towards increasing local production, creating jobs, safeguarding our commonwealth and expanding economic opportunities and growth in Nigeria”.



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