Senate Panel Summons CBN Governor Cardoso Over Naira Free Fall 

The Senate Committee on Banking, Insurance and other Financial Institutions, has summoned the Governor of Central Bank of Nigeria (CBN), Olayemi Cardoso, on state of economy and free fall of Naira at the forex market.

The chairman of the committee, Senator Adetokunbo Abiru (APC, Lagos) disclosed this while speaking with newsmen after his panel met behind closed doors on Wednesday.

He said the committee, during the meeting, took the decision to summon the apex bank governor to brief the lawmakers Tuesday next week on what is being done to address the economic and Naira value crisis.

Naira continued its free fall on Tuesday, sinking to a record low of N1,482.57 per dollar following demand on the official market.

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 to 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 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.”

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