By Senate Summons CBN Governor as Naira’s Free Fall Sparks Urgent Economic Review
Ghazali Ibrahim
The Nigerian Senate has summoned the Central Bank Governor, Yemi Cardoso over the rapid fall of the naira in the foreign exchange market.
Senator Tokunbo Abiru, who chairs the Senate Committee on Banking, Insurance, and Other Financial Institutions, made this known after an emergency meeting on Wednesday. Cardoso is expected to appear before the committee next week.
The alarming devaluation of the Naira, reaching approximately N1,500 to a US dollar in the parallel market, prompted the Committee to urgently address the economic situation.
“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 of Nigeria,” Abiru said.
“He is expected to appear on Tuesday at 3 pm to brief us properly on the state of the economy and the way forward.”
