HomeNewsSenate Invites CBN Gov Cardoso As Naira Crashes To Record N1,520

Senate Invites CBN Gov Cardoso As Naira Crashes To Record N1,520

The Nigerian Senate has invited the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, over the falling value of the Naira and the hyper-inflation ravaging the economy.

Cardoso’s summons came as the Naira traded at an all-time low of N1,520 per US dollar as at Wednesday.

Cardoso is expected next Tuesday.

The Upper Chamber issued the summons on Wednesday through its Committee on Banking, Insurance and other Financial Institutions headed by Senator Adetokunbo Abiru.

Demanded of him will be explanations about the state of the economy and the diminishing status of the Naira at the forex market.

Speaking with journalists after the meeting held behind closed door at the National Assembly, Senator Abiru said the poor state of the economy, especially with the raging inflation, gave grave 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 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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