The Senate has resolved to summon the Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, to explain the reasons for the rapid depreciation of the value of the naira.

It has also mandated its Committee on Banking, Insurance and Other Financial Institutions to assess the impact of CBN intervention funds meant to support critical sectors of the economy.

The Upper chamber is taking these resolutions after federal legislators considered a motion on the state of CBN Intervention funds and the free fall of the naira.

The sponsor of the motion Senator Olubunmi Adetunmbi bemoaned Nigeria’s economic challenges and calls for extraordinary measures to address them.

As of Thursday morning, the naira was exchanging for more than N700 to a dollar in the parallel markets.