JUST-IN: Senate Summons CBN Gov On State Of Economy, Naira Free Fall

The Senate, on Wednesday, through its Committee on Banking, Insurance and other Financial Institutions, has summoned the Governor of Central Bank of Nigeria (CBN), Olayemi Cardoso, to appear before it on Tuesday to explain the state of the national economy and free fall of the local currency at the Forex market.

The legislative committee chaired by Senator Adetokunbo Abiru (APC, Lagos East), met on Wednesday when reports indicated that the value of the Naira had nose-dived to N1,520 to a US dollar and consequently resolved to summon the CBN governor on the development.

Speaking with journalists after the emergency meeting held behind closed-door, Senator Abiru said the state of the economy, especially the inflation index, was of great concern to the federal lawmakers.

Abiru, himself a former managing director of Polaris Bank before delving into politics, 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 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.

“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.”