Senate Summons CBN Governor Over Naira Free Fall

The Senate has summoned the Governor of the Central Bank of Nigeria, CBN, Mr. Olayemi Cardoso over the free fall of the Naira and hyper inflation.

The Senate, on Wednesday, through its Committee on Banking, Insurance and other Financial Institutions, summoned the CBN boss to appear before it on Tuesday next week to answer questions on the state of the economy and the free fall of naira in the forex market.

The Committee, chaired by Senator Adetokunbo Abiru (APC Lagos East), met on Wednesday when the naira plummeted to N1,520 to a US dollar and resolved to summon the CBN governor on the way out.

Speaking with newsmen after the meeting held behind closed doors, Abiru said the state of the economy, especially the inflation index, was of great concern to the lawmakers.

According to him, “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.”