Senate summons CBN gov over Naira free fall, worsening economy

CBN Governor, Olayemi Cardoso

Following the free fall of the nation’s currency, Naira, and the worsening state of the economy, the Senate on Wednesday, January 31, 2024 summoned the Governor of the Central Bank of Nigeria (CBN), Mr. Yemi Cardoso.

The CBN Governor is to appear before the Senate on Tuesday, February 6 at 3p.m.

Chairman of the Senate Committee on Banking, Insurance, and Other Financial Institutions, Tokunbo Abiru (APC- Lagos East), who spoke with journalists after plenary, stated that the state of the economy is of great concern to the parliament.

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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 3p.m. 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.

The Star