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Senate summons Emefiele over FX rate for 2nd Niger bridge, Abuja-Kano road

Senate summons Emefiele over FX rate for 2nd Niger bridge, Abuja-Kano road
November 04
11:17 2019
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The senate committee on finance has summoned Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), over approved exchange rate for projects under the presidential infrastructure development fund.

Emefiele is expected to appear before the committee on Monday.

In a statement issued on Sunday, Solomon Adeola, chairman of the committee, said Emefiele was invited to explain the exchange rate the CBN approved to finance projects under the presidential infrastructure development fund (PIDF).

The projects are Lagos-Ibadan expressway, second Niger bridge, Abuja-Kano expressway, east-west road and Mambilla hydro project.

The projects are being funded by the Nigeria Sovereign Investment Authority (NSIA).

Adeola said his committee was told that the sum of N163.8 billion has already been spent on the first three projects.

The senator said his committee was informed by Uche Orji, NSIA managing director, that the apex bank used N325 to a dollar instead of the official rate of N305 for the projects.

“We are not indicting the NSIA or conducting an investigation or probe of the CBN but we like to know the reason this different rate was used but we are inviting the CBN to appear together with the NSIA on Monday,” the finance committee chairman said.

Adeola called for caution in the way funds are being disbursed for projects.

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1 Comment

  1. Baron
    Baron November 04, 15:16

    If what you want from these officials is just clarification on rate differential, that can be sent to you via a letter. They really do not need to leave their offices to the assembly for that. We should learn best practices from more matured democracies.

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Exchange Rates

December 05, 2019USDGBPEUR
INTERBANK306397354
LAGOS355444389
KANO354445370
PH355447412
ABUJA356454413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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