The Senate, through its Committee on Banking, Insurance and other Financial Institutions, has summoned the Governor of Central Bank of Nigeria, CBN, Olayemi Cardoso, to appear before it on Tuesday, February 6, to answer questions on the state of the economy and the free fall of naira in the foreign exchange market.
The Committee, chaired by Senator Adetokunbo Abiru, met on Wednesday, January 31, after the naira slipped to N1,520 to a US dollar and resolved to summon the CBN governor on the way out.
Naira at the official window on Tuesday, January 30, fell at an all-time low of N1,482 to a dollar.
It had closed at N1,348 against the dollar a day earlier after the FMDQ Security Exchange reviewed the methodology used for the calculation of its rates.
This came as the CBN released a circular to authorized dealers on financial market price transparency, warning them against engaging in sharp practices.
The lawmakers, troubled by the situation of the economy, held an emergency session to salvage the inflation rate.
Speaking after the meeting, Abiru stated that the state of the economy, especially the inflation index, was of great concern to the lawmakers.
“We have held a meeting this afternoon essentially to focus on the direction of the Nigerian economy,” he said.
“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.”
