Senate Committee Summons CBN Governor Over Economy and Naira's Free Fall

Senate Summons CBN Governor Over State of Economy, Naira Free Fall

Senator Abiru’s bill on Central Bank of Nigeria Act Amendment Passes First Reading on Tuesday in the Senate

The Senate Committee on Banking, Insurance and other Financial Institutions has summoned the Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso.

The Committee said Cardoso must appear before it on Tuesday next week to address it on the state of the economy and the free fall of the naira at the foreign exchange market. This summon came a day after a bill for the amendment of the Central Bank of Nigeria, CBN, Act, sponsored by Senator Mukhail Adetokunbo Abiru, FCA and the Committee, passed first reading.

The Chairman of the Committee, Senator Adetokunbo Abiru (APC Lagos East), announced the summons on Wednesday when his panel held an emergency meeting to address the situation of the nation’s currency which had fallen to about N1, 500 to a US dollar at the parallel market.

Speaking with journalists after the meeting held behind closed doors, Abiru stated 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 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.”

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