Senate summons CBN governor over weak naira, inflation

Senate summons CBN governor over weak naira, inflation

The Senate has summoned the Governor of the Central Bank of Nigeria, Olayemi Cardoso, to appear before it next week Tuesday over the state of the economy and free fall of naira at the forex market.

This came through Senator Adetokunbo Abiru, APC Lagos East-led Senate Committee on Banking, Insurance and Other Financial Institutions.

The committee met on Wednesday when naira jumped to N1,520 to a US dollar.

Abiku told Journalists after the meeting that 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..”