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Senate Summons CBN Governor, Cardoso, Over Free Fall of Naira

The Senate on Wednesday, January 31, summoned the Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso, to appear before it on Tuesday next week over the state of the economy and free fall of the Naira.


The Chairman of the Senate Committee on Banking, Insurance, and Other Financial Institutions, Senator Tokunbo Abiru (APC- Lagos East), handed down the summon after the panel met in Abuja.


Speaking with reporters after the emergency meeting of the Committee held behind closed doors, Abiru said the state of the nation’s economy, especially the inflation index was of great concern to the Senate.


Abiru 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 on Tuesday at 3 pm 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.”


The Naira was said to have plummeted to about N1,500.00 to the US dollar as at the time of filing this report.

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