Cost Of Living Crisis: Senate Grills CBN Governor Cardoso, Government Officials

The Senate Committee on Banking, Insurance, and Financial Institutions is currently in a session with the Governor of the Central Bank of Nigeria, Olayemi Cardoso.

Cardoso led other officials of CBN to the Red Chambers on Friday morning amid the rising cost of living and hardship Nigerians are grappling with.

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Recall that barely two days ago Cardoso appeared before the members of the House of Representatives over the free fall of the Naira and the foreign exchange crisis.

The CBN governor blamed medical and education tourism for the pressure on Naira.

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According to FMDQ data, despite CBN’s recent policy interventions, the Naira dropped to N1479.47 per US dollar at foreign exchange market on Thursday.

CBN issued ‘Financial Markets Price Transparency and Market Notice of a revision to the FMDQ FX Market Rate Pricing Methodology’ and other reforms last week.

Photo Credit: Getty

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