Mr Olayemi Cardoso, governor of the Central Bank of Nigeria, has been summoned by the Senate on Wednesday to explain the Naira’s fast slide and hyperinflation.
Senatorial Adetokunbo Abiru, Chairman of the Committee on Banking, Insurance, and Other Financial Institutions, issued the summons.
The governor and his staff have been summoned to appear on Tuesday of next week to explain the health of the economy and the free flow of the Naira in the FX market.
The Committee at a meeting, voiced worry over the Naira’s continued weakness, which saw it rise to N1,520 to the US dollar as of Wednesday.
Senator Abiru told media following the closed-door meeting at the National Assembly that the MPs were deeply concerned about the situation of the economy, particularly the inflation index.
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.”
cc: Daily Post Ng
