BREAKING: Senate Grills CBN Governor, Cardoso Over Naira’s Free Fall

The Senate has summoned the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, over concerns about the free fall of the Naira and hyperinflation.

VerseNews reports that the summon was issued through the Senate Committee on Banking, Insurance, and other Financial Institutions, chaired by Senator Adetokunbo Abiru.

The committee has requested the governor and his team to appear on the following Tuesday to explain the state of the economy and the devaluation of the Naira in the forex market.

The lawmakers expressed worry about the continuous weakening of the Naira, which had risen to N1,520 to a US dollar as of the meeting.

The committee aims to address issues related to the economy, particularly the inflation index.

Speaking with journalists after the meeting held behind closed door at the National Assembly, Senator Abiru said 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 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.”