The Senate’s Committee on Banking, Insurance, and other Financial Institutions has summoned the Central Bank of Nigeria (CBN) Governor, Mr. Olayemi Cardoso.
The committee, led by Senatorial Adetokunbo Abiru, was called to seek clarification on the free fall of the Naira and the escalating hyperinflation.
The decision comes on the heels of a closed-door meeting held at the National Assembly, where Senator Abiru expressed deep concern over the continuous depreciation of the Naira. As of Wednesday, the Naira had increased to N1,520 to a US dollar.
Senator Abiru addressed journalists after the meeting, emphasizing the pressing need to address the economic challenges. “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,” he stated.
The Committee has resolved to summon the CBN Governor and his team to appear next Tuesday at 3 o’clock to obtain a comprehensive briefing on the state of the economy and gain insights into the factors contributing to the Naira’s vulnerability in the forex market.
“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,” Senator Abiru added.
