Senate summons CBN governor over naira decline

Alex Omenye
Alex Omenye
CBN prepares tough financial sanction for banks

The Senate, through its Committee on Banking, Insurance, and other Financial Institutions, called upon Central Bank of Nigeria Governor Olayemi Cardoso before it next Tuesday.

The summons pertains to queries regarding the economy’s status and the drastic fall of the naira in the forex market.

Chaired by Senator Adetokunbo Abiru (APC Lagos East), the committee convened on the day the naira hit N1,520 against the US dollar, leading to a resolution to summon the CBN governor for clarification.

Post a closed-door meeting, Abiru addressed journalists, expressing lawmakers’ deep concern about the economy.

He stated, ‘We held a meeting this afternoon to focus on the direction of the Nigerian economy. We are all witnesses to what is happening. The major concern is the inflation index.’

After internal deliberations, critical issues were addressed, leading to the decision to summon the CBN governor on Tuesday at 3 O’clock for a comprehensive briefing on the economy. Abiru confirmed, ‘We have resolved to communicate this decision to the Governor of the Central Bank, followed by further communication with members of the press.'”

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