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Naira Free Fall: Senate Summons CBN Governor, Cardoso

January 31, 2024 • 2 min read

Worried about the consistent fall of the Naira against the Greenback, the Senate Committee on Banking, Insurance and other Financial Institutions held an emergency meeting on Wednesday where they resolved to summon the governor of Central Bank of Nigeria, Olayemi Cardoso.

Senator representing Lagos East and Chairman of the Committee, Adetokunbo Abiru, disclosed the committee’s position to journalists at the end of the closed-door session with his colleagues.

Senator Abiru said the state of the economy, especially the inflation index was of great concern to the 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.”