GBAM!! Senate summons CBN governor, Cardoso, over free fall of Naira

CBN free fall: Senate summons governor

Yesterday, the Senate summoned governor of Central Bank of Nigeria, CBN, Mr Olayemi Cardoso over the free fall of the Naira and hyper inflation.

The summons were through its Committee, to wit, Banking, Insurance and other Financial Institutions chaired by Senator Adetokunbo Abiru.

The governor and his team had been asked to appear on Tuesday next week so as to explain the state of the economy and the free flow of Naira at the forex market.

The committee expressed concern over the endless weakling of the Naira that saw it rose to N1,520 to a US dollar as at on Wednesday.

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

He 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.”…[CONTINUE READING HERE]>>