March 5, 2024

The Senate Committee on Banking, Insurance, and Financial Institutions has convened a session with Central Bank of Nigeria (CBN) Governor Olayemi Cardoso.

The meeting, held at the Red Chambers on Friday morning, February 09, 2024, saw Cardoso accompanied by other CBN officials.

Just days prior to this session, Cardoso had appeared before the House of Representatives to address concerns regarding the plummeting value of the naira and the ongoing foreign exchange crisis gripping the nation.

During the session, Cardoso attributed the pressure on the naira to the prevalence of medical and educational tourism, among other factors. Despite recent policy interventions by the CBN, data from FMDQ revealed that the naira had further depreciated to ₦1479.47 per US dollar in the foreign exchange market on Thursday, February 08.

In response to these challenges, the CBN issued a ‘Financial Markets Price Transparency and Market Notice of a revision to the FMDQ FX Market Rate Pricing Methodology’ and introduced additional reforms the previous week.

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