The Senate Committee on Banking, Insurance, and other Financial Institutions has summoned the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, to appear before it on the following Tuesday. This decision comes in response to the state of the economy and the recent significant depreciation of the naira in the foreign exchange (forex) market.
The committee, chaired by Senator Adetokunbo Abiru (APC Lagos East), held a closed-door meeting on Wednesday when the naira fell to N1,520 to a US dollar. After the meeting, Senator Abiru spoke with journalists, expressing the lawmakers’ concern about the state of the economy, particularly the inflation index.
Abiru highlighted that the inflation index has been a major issue and a cause for concern among lawmakers. As a result, the committee resolved to summon the CBN governor to provide a detailed briefing on the state of the economy. The meeting with the CBN governor is scheduled for the following Tuesday at 3:00 PM.
The lawmakers intend to address critical economic issues and seek clarification on the measures being taken by the CBN to address the challenges facing the economy, especially the depreciation of the national currency.
