CBN Get Summon By Senate Over The State of The Economy, Naira Free Fall

The Senate Committee on Banking, Insurance and other Financial Institutions, is summoning the Governor of Central Bank of Nigeria, Olayemi Cardoso, to appear before it on Tuesday next week.

The CBN Governor - Olayemi Michael Cardoso

The naira plummeted to N1,520 to a US dollar on Wednesday, prompting the Committee, chaired by Senator Adetokunbo Abiru (APC Lagos East), to summon the CBN governor, to proffer a way out of the free fall of naira in the forex market.

The Senate held the meeting behind closed doors, Abiru, thereafter addressed journalists, he said the state of the economy, especially the inflation index, was of great concern to the lawmakers.

He highlighted that, “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. 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.”

The naira at the official window on Tuesday, fell at an all-time low of N1,482 to $1.

The local unit had closed at 1,348 against the greenback on Monday after the FMDQ Security Exchange reviewed the methodology used for the calculation of its rates.

Comments

Man Scales 10 Foot Fence Into Lions Den-Lions Maul Man To Death

A man, described as middle-aged, was mauled to death by a lion after he climbed into a zoo enclosure in the capital, Accra, Ghana. Unfortunately, the man died from his injuries after Sunday's attack, officials report. The Ghana authorities have began investigation on the subject, that has left many in Ghana in awe. Police have commenced an investigation to establish the motive of the intruder and circumstances surrounding the attack. Wildlife authorities suspect he may have planned to steal two rare white lion cubs which have become a big draw since their birth last November. The victim's body was retrieved from the zoo and taken to a local morgue. The Accra Zoo has been temporarily closed to the public following the incident. A lion, a lioness and their two white cubs were in the enclosure when the incident happened. "The lions have cubs so if you come too close they may feel you are trying to take away their babies," Deputy Minister for Lands and Natural Resources B...

Christmas-Federal Government announces free transportation by Train

Yuletide: FG Declares Free Passenger Train Rides. The Federal Government through the Ministry of Transportation has in the spirit of Christmas declared passenger trains across the Nigerian Railway Corporation (NRC) system free of charge during the period. According to a communique from the Nigerian Railway Corporation (NRC), this gesture is to enable Nigerians to travel and celebrate Christmas. The spokesman for the corporation, Yakub Mahmood, said passengers trains on both standard and narrow gauge lines, which include Abuja to Kaduna, Lagos to Ibadan, Warri to Itakpe, Kano to Lagos, Minna to Kaduna, Abba to Port Harcourt routes are now all free from today Friday 24th December 2021 to Tuesday 4th January 2022 inclusive. The NRC, however, noted that all boarding tickets due process by “valued customers must be complied with but not paid, while COVID-19 protocols also must be strictly observed on board”. While wishing all Nigerians a happy Christmas and prosperous New Year, the corporat...

Happy Mother's Day

HAPPY MOTHER'S DAY EVERYONE MY MOTHER, POEM BY ANN TAYLOR Who fed me from her gentle breast, And hush’d me in her arms to rest, And on my cheek sweet kisses prest? My Mother. When sleep forsook my open eye, Who was it sung sweet hushaby, And rock’d me that I should not cry? My Mother. Who sat and watched my infant head, When sleeping in my cradle bed, And tears of sweet affection shed? My Mother. When pain and sickness made me cry, Who gazed upon my heavy eye, And wept for fear that I should die? My Mother. Who dress’d my doll in clothes so gay, And taught me pretty how to play. And minded all I had to say? My Mother. Who taught my infant lips to pray, And love God’s holy book and day. And walk in Wisdom’s pleasant way? My Mother. And can I ever cease to be Affectionate and kind to thee, Who was so very kind to me? My Mother. Ah, no! the thought I cannot bear; And if God please my life to spare, I hope I shall reward thy care, My Mother. Who ran to help me when I fell, And w...

Welcome To Echo Blog

Search This Blog