Senate Summons CBN Governor over State of Economy and fall of Naira 

Sharon EboesomiFebruary 1, 20242 min

The Senate Committee on Banking, Insurance, and Other Financial Institutions held an emergency closed-door meeting to address the financial crises of the country.

Senate Summons CBN Governor on State of Economy and fall of Naira 

The governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has been summoned by the Senate to speak on the status of the economy and the free flow of Naira on the foreign exchange market next Tuesday. 

In response to the Naira’s collapse to N1,520 to the US dollar, the Senate Committee on Banking, Insurance, and Other Financial Institutions, chaired by Senator Adetokunbo Abiru (APC, Lagos East), had an emergency meeting on Wednesday, January 31, 2024, and decided to summon Cardoso to discuss a way out.

READ ALSO: Exchange rate will decline in 2024 – CBN

Following the closed-door meeting, Senator Abiru told reporters that the lawmakers were very concerned about the economic condition of the country, particularly the inflation index.

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.”

STAR Check: Nigerians, particularly, constituents from Lagos East, can keep tabs on the legislative performance of Senator Abiru throughout the 10th assembly here.

Sharon Eboesomi

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