February 26, 2024

The Senate Committee on Banking, Insurance and other Financial Institutions, on Wednesday, summoned the Governor of the Central Bank of Nigeria, Yemi Cardoso, over the state of the nation’s economy.

Chairman of the Committee, Adetokunbo Abiru (APC, Lagos East) directed the CBN governor to appear before the lawmakers on Tuesday next week by 3 p.m. at the senate complex, Abuja.

Mr Abiru, who announced the resolution of the committee after a closed door meeting of its members, said the session with Mr Cardoso would be interactive.

The summon of the CBN governor may not be unconnected to the fall of Naira against the United States dollar across forex markets.

FMDQ, a financial market infrastructure group warehousing reported that the Naira closed on Tuesday at N1,482.57 per $1 at the official market.

The rate represents 10 per cent depreciation from N1,348/$1 the domestic currency traded in the previous session on Monday.

The dollar was exchanged at N1,491.00 per $1 at the black market segment on Tuesday, a situation that is affecting many private and public enterprises in the country.

Mr Abiru however said the Senate is concerned about the state of the economy, especially the inflation index.

“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 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” the committee chairman said.

Mr Abiru however assured that details of the interaction with the CBN governor and the resolutions at the meeting will be made public.

He said 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.”

Insecurity and the economy of the country are the pressing challenges confronting Nigerians.

The Senate had on Tuesday summoned the service chiefs to an interactive session to find a lasting solution to issues of kidnapping, terrorism, armed robbery, banditry and other criminal activities across the country.

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