Senate Summons CBN Governor Over Naira’s Decline

On Wednesday, the Nigerian Senate issued a summon to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), requesting his appearance before the Senate next Tuesday. 
The Chairman of the Senate Committee on Banking, Insurance and other Financial Institutions, Senator Adetokunbo Abiru (APC Lagos East), disclosed this development to journalists in Abuja following a closed-door committee meeting.
Abiru explained that the invitation was prompted by concerns over the state of the economy and the depreciation of the naira in the foreign exchange market, which saw the currency drop to N1,520 against the US dollar.
The committee decided to call Cardoso to address these economic challenges, particularly focusing on inflation indices, which are causing significant apprehension among 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.”
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