Senate summons CBN governor over poor economy, weak Naira

Governor of the Central Bank of Nigeria ( CBN), Olayemi Cardoso, has been directed by the senate to appear before it on Tuesday, February 6, on the state of the economy and free flow of Naira at the forex market.

The Senate Committee on Banking, Insurance and Other Financial Institutions led by Senator Adetokunbo Abiru, APC Lagos East, summoned the CBN Governor after a meeting on Wednesday, January 31, after the Naira exchanged for N1,520 to a US dollar.

Senator Abiru who spoke to journalists after the meeting, said the CBN Governor is expected to share how the country can get out of its current challenge. 

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.”