The Senate, on Wednesday, through its Committee on Banking, Insurance and other Financial Institutions, summoned the Governor of Central Bank of Nigeria, Olayemi Cardoso, to appear before it on Tuesday next week to answer questions on the state of the economy and the free fall of naira in the forex market.
The Committee, led by Senator Adetokunbo Abiru (APC Lagos East), convened on Wednesday as the naira experienced a significant drop to N1,520 against the US dollar. In response, the committee decided to summon the CBN governor to address the crisis.
On Tuesday, the official exchange rate saw the naira reaching an unprecedented low of N1,482 to $1. The previous day, it had closed at 1,348 against the dollar following a review of calculation methodology by the FMDQ Security Exchange.
In light of these developments, the Central Bank of Nigeria issued a circular to authorized dealers emphasizing financial market price transparency and cautioning against sharp practices.
Concerned about the economic situation, lawmakers held an emergency session to address and mitigate the escalating inflation rate.
Addressing reporters following a closed-door meeting, Abiru expressed deep concern among lawmakers regarding the state of the economy, particularly emphasizing the alarming inflation index
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.”