The highest legislative chamber in Nigeria has summoned the governor of the Central bank for a tete-a-tete session on the state of economy.

Concerned about the fallen state of the naira, they want to know what the CBN governor is doing to manage the situation.

Cardoso Set To Update Senate On State of Economy, Naira Free Fall
Olayemi Cardoso

Senate Committee on Banking, Insurance, and Other Financial Institutions has summoned the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso.

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Cardoso is expected to appear before the committee on Tuesday next week.

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He is to address the committee on the state of the economy and the free fall of the naira in the foreign exchange market.

The Chairman of the Committee, Senator Adetokunbo Abiru (APC Lagos East), announced the summons on Wednesday at an emergency meeting.

Fallen State Of Naira

Abiru said the committee was concerned about the fallen state of naira, which is now about ₦1,500 to a US dollar at the parallel market.

He told journalists after the meeting held behind closed doors, that they were most concerned with the inflation index.

“We have held a meeting this afternoon essentially to focus on the direction of the Nigerian economy.

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“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.

Cardoso Must Appear Before Our Panel Next Week

“We have deliberated on critical issues and we believe that the next line of action is to summon the governor of the Central Bank of Nigeria.

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“He is expected to appear on Tuesday at 3:00 p.m. to brief us properly on the state of the economy and the way forward.

“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”.

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