The Senate, in a decisive move, summoned Mr. Olayemi Cardoso, the governor of the Central Bank of Nigeria, on Wednesday. This summons, issued by the Committee on Banking, Insurance, and other Financial Institutions led by Senatorial Adetokunbo Abiru, is in response to the alarming free fall of the Naira and escalating hyperinflation.
Governor Cardoso and his team are required to appear next Tuesday to elucidate the economic conditions and the precarious status of the Naira in the forex market. The committee, in a closed-door meeting at the National Assembly, voiced apprehension regarding the persistent depreciation of the Naira, which soared to N1,520 against the US dollar as of Wednesday.
Addressing the press post-meeting, Senator Abiru emphasized the lawmakers’ deep concern about the economy, particularly the inflation index. He stated, “We have deliberated among ourselves, addressing critical issues, and we believe that the next course of action is to summon the governor of the Central Bank on Tuesday at 3 o’clock to provide a comprehensive briefing on the state of the economy.” This resolution will be conveyed to the Central Bank governor, followed by further communication with the press.
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