The Senate wants the CBN governor to answer questions on the state of the economy and the free fall of the naira in the forex market.
The Nigerian Senate Committee on Banking, Insurance and Other Financial Institutions, on Wednesday, summoned the Central Bank Governor, Olayemi Cardoso, to appear before it next Tuesday.
The Senate wants the CBN governor to answer questions on the state of the economy and the free fall of the naira in the forex market.
The Committee, chaired by Senator Adetokunbo Abiru who represents Lagos East Senatorial District on the platform of the All Progressives Congress (APC), resolved to summon the CBN governor to provide the way out when it met on Wednesday following the fall in naira value to N1,520 per US dollar.
The naira exchanged at the official window on Tuesday at an all-time low of N1,482 to $1 while the local unit closed at N1,348 against the greenback on Monday after the FMDQ Security Exchange reviewed the methodology used for the calculation of its rates.
The naira fall came as the CBN released a circular to authorised dealers on financial market price transparency, warning them against engaging in sharp practices.
But the lawmakers who are troubled by the situation of the economy held an emergency session to salvage the inflation rate.
The Senate Committee Chairman, Abiru who spoke with journalists after the meeting held behind closed doors, said that the state of the economy, especially the inflation index, was of great concern to the lawmakers.
The quoted Abiru as saying, “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.”
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