Senate Summons CBN Gov, Cardoso On State Of Economy, Naira Free Fall

The Nigerian Senate, on Wednesday, summoned the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, to appear before it on Tuesday next week.

The Chairman of the Senate Committee on Banking, Insurance and other Financial Institutions, Senator Adetokunbo Abiru (APC Lagos East) made this known while speaking with reporters on Wednesday in Abuja.

Speaking after the committee’s meeting held behind closed doors, Abiru said the apex bank boss was invited to answer questions on the state of the economy and the free fall of naira in the forex market.

He said the committee met after the naira plummeted to ₦1,520 to a US dollar and resolved to summon Cardozo on the way out.

The Lagos senator added that 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 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.”