Senate Summons CBN Governor Over Free Fall Of Naira

World Bank

On Wednesday, the Senate issued a summons to Mr. Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), concerning the depreciation of the Naira and the escalating hyperinflation.

The summon was through its Committee on Banking, Insurance and other Financial Institutions headed by Senatorial Adetokunbo Abiru.

The governor and his team were asked to appear on Tuesday next week to explain the state of the economy and the free flow of the Naira at the forex market.

The Committee at a meeting on Wednesday expressed concern over the endless weakling of the Naira that saw it rose to N1,520 to a US dollar as at Wednesday.

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Speaking with journalists after the meeting held behind closed door at the National Assembly, Senator Abiru said the state of the economy, especially the inflation index was of great concern to the lawmakers.

He said “We have held a meeting this afternoon essentially to focus on the direction of the Nigerian economy.

“We are all living witnesses of what is going on.

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“Underlining the major issue of the economy is the way the inflation index has been and of course it is a major concern to us.

“We have deliberated among ourselves. Critical issues were addressed and we believe that the next line of action is to summon the governor of the Central Bank on Tuesday at 3 O’clock to brief us properly on the state of the economy.

“That we have resolved and will communicate to the governor of the Central Bank after which we will have further communication with members of the press.”

Photo Credit: Getty

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