Nigerian Senate Summons CBN Governor Cardoso Over Free Fall of Naira

The Nigerian Senate has summoned the CBN Governor over the free fall of Naira.

Newsone Nigeria reports that the Nigerian Senate on Wednesday, January 31, 2024, summoned the governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso over the free fall of the Naira and hyperinflation.

This online news platform understands that the summoning of CBN Governor Cardoso by the Nigerian Senate was through its Committee on Banking, Insurance, and Other Financial Institutions headed by Senator Adetokunbo Abiru.

CBN Governor Cardoso and his team were asked to appear on Tuesday next week to explain the state of the economy and the free flow of the Naira at the forex market popularly known as the black market.

The Committee at a meeting on Wednesday expressed concern over the endless weakling of the Naira that saw it rise to N1,520 to a US dollar as of Wednesday.

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

His words:  “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,”he said.