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.

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