Senate Summons CBN Governor on State of Economy, Naira Free Fall

Sunday Aborisade in Abuja 

The Senate Committee on Banking, Insurance and other Financial Institutions has summoned the Governor of Central Bank of Nigeria (CBN), Olayemi Cardoso.

The panel said Cardoso must appear before it on Tuesday next week to address it on the state of the economy and the free fall of the naira at the foreign exchange market. 

The Chairman of the Committee, Senator Adetokunbo Abiru (APC Lagos East), announced the summons on Wednesday when his panel held an emergency meeting to address the situation of the nation’s currency which had fallen to about N1,500 to a US dollar at the parallel market.

Speaking with journalists 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.

He said: “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 of Nigeria .

“He is expected to appear on Tuesday at 3pm to brief us properly on the state of the economy and the way forward.

“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.”