“Then the domestic currency will be more stable, and the foreign exchange demand triggering inflation will begin to dip,” said one of the experts.
“If you are running a company and your sales revenue cannot pay interest, you know you’re bankrupt,” said Mr Sanusi.
Under the governorship of Godwin Emefiele, the Central Bank of Nigeria has failed to mitigate the national currency’s free fall.
The RT200 Non-Oil Export Proceeds Repatriation Rebate Scheme aims to increase the country’s foreign reserves by 200 billion in foreign exchange earnings.
MPR is the baseline interest rate in an economy from where every other interest rate used within the economy derives.
The Reps said the invitation was to rob minds with the ad-hoc committee of the house investigating the volume of daily fuel consumption in the country.
In contravention of the Central Bank of Nigeria Act, Mr Emefiele is a card-carrying member of the ruling APC, and was recently involved in partisan politics.
The Ex-CBN director noted that building new refineries had become necessary considering the size and population of the country.
The House noted that Mr Emefiele had allowed borrowings to the Buhari-led federal government far above the threshold allowed by the CBN Act.
The Delta House of Assembly on Tuesday approved a request by Governor Ifeanyi Okowa to take a N25 billion loan for oil palm production.
