Senate summons CBN’s Cardoso over Naira ‘plunge’

The Senate on Wednesday summoned the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, over the plunge of the naira in the foreign exchange market.

The naira exchanged for N1, 520/$ at the parallel market on Wednesday.

This was N38 higher than the N1,482 the naira traded for a dollar at the official window on Tuesday.

Cardoso is expected to appear before the lawmakers next Tuesday to proffer the solution to the problem.

The Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, Tokunbo Abiru, who addressed journalists at the end of the committee’s meeting in Abuja, expressed concern at the state of the economy.

He lamented that the country’s inflation rate has been giving the lawmakers sleepless nights.

READ ALSO: Naira hits record low of N1,482.57/$1 at official window, higher than black market rate

Abiru 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 economy’s major issue is how the inflation index has been; 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 press members.”

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