The Senate Committee on Banking, Insurance, and Other Financial Institutions has summoned the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, on the state of the economy and the free fall of the Naira at the forex market.
The committee chairman, Senator Adetokunbo Abiru (APC, Lagos), disclosed this while speaking with newsmen after his panel met behind closed doors on Wednesday.
He said the committee, during the meeting, decided to summon the apex bank governor to brief the lawmakers on Tuesday next week on what is being done to address the economic and Naira value crises.
The Naira continued its free fall on Tuesday, sinking to a record low of N1,482.57 per dollar following demand on the official market.
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 to what is going on. Underscoring 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 to properly brief us on the state of the economy.
