By Nathaniel Zacchaeus, Abuja
The Senate Committee on Banking, Insurance, and Other Financial Institutions, has summoned the Governor of the Central Bank of Nigeria (CBN), Dr Olayemi Cardoso over the current challenges facing the nation’s currency.
The committee said Cardoso is expected to appear before it on Tuesday next week on the state of the economy and the free fall of the naira in the foreign exchange market.
The Chairman of the Committee, Senator Adetokunbo Abiru (APC Lagos-East), announced the summons yesterday when his panel held an emergency meeting to address the situation of the nation’s currency which had nosedived to N1,520 to a US dollar.
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,” Abiru stated.
