NEWS

Weak Naira: Senate Summons CBN Gov

The Senate has called upon Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), to testify next Tuesday regarding the economy and the unrestricted movement of the Naira in the forex market.

This summons, facilitated by Senator Adetokunbo Abiru, head of the Senate Committee on Banking, Insurance, and Other Financial Institutions, follows a swift meeting of the committee on Wednesday in response to the Naira reaching N1,520 to a US dollar.

Speaking with Journalists after the meeting held behind closed doors, Senator Abiru who noted that the state of the economy, especially the inflation index was of great concern to the lawmakers, 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..”

VANGUARD

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