January 31, (THEWILL) – The Senate, on Wednesday, summoned the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, over the state of the economy and free fall of the Naira.
Chairman of the Senate Committee on Banking, Insurance, and Other Financial Institutions, Senator Tokunbo Abiru, issued the invitation after a meeting of the Committee in Abuja, on Wednesday.
Amid soaring inflation of 28.92%, THEWILL reports that the Naira is teetering towards a record-low against the US dollar as the exchange rate fell to over N1,480 per dollar.
Speaking with newsmen on Wednesday, 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 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 of Nigeria on Tuesday, at 3 pm 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.”
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