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The senate committee on banking, insurance and other financial institutions has summoned Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), over the “free fall of the naira”.
Naira dropped to an all-time low on Wednesday at the rate of $1 to N1,520 at the parallel market.
Speaking with journalists after a meeting of the committee on Wednesday, Adetokunbo Abiru, chairman of the panel, said they have concluded that the CBN governor should come and brief them on the state of the economy.
Abiru said the rate of inflation in the country has become worrisome, adding that Cardoso is expected to appear before the committee next week on Tuesday at 3 p.m.
“We have held a meeting this afternoon essentially to focus on the direction of the Nigerian economy,” the senator 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, and the critical issues were addressed. We believe that the next line of action is to summon the governor of the central bank on Tuesday at 3:00 pm 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 to members of the press.”
