Senate Committee Summons CBN Governor Over Naira’s Forex Decline

The Senate Committee on Banking, Insurance, and other Financial Institutions has issued a summons to the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, to appear before the committee next Tuesday. This summons comes as a response to the current state of the economy and the significant decline in the value of the Naira in the foreign exchange market.

Senator Adetokunbo Abiru, the committee’s chairman, made this announcement to reporters following a closed-door meeting on Wednesday. He stated that the committee is deeply concerned about the state of the economy, particularly the inflation index, which has raised serious alarm among lawmakers.

During the meeting, the committee deliberated on the prevailing economic challenges, including the continuous decline in the value of the Naira, which reached a historic low of N1,482.57 per dollar due to increased demand on the official market.

Senator Abiru emphasized the urgency of the situation, highlighting the need for a comprehensive understanding of the measures being taken to address the economic crisis and stabilize the value of the Naira. As a result, the committee has resolved to summon the CBN governor to provide detailed insights into the state of the economy and the CBN’s strategies to mitigate the crisis.

The committee’s decision reflects the Senate’s commitment to proactive oversight of the nation’s financial sector, especially during challenging economic periods. By engaging with the CBN governor, the committee aims to gain a deeper understanding of the economic dynamics and explore potential solutions to the current challenges facing the Nigerian economy.

This summons is expected to facilitate a constructive dialogue between the Senate committee and the CBN, ultimately contributing to informed decision-making and policy formulation to address the economic downturn and restore stability to the Naira’s value.

Daily Trust