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Senate Summons CBN Governor Over Economic Concerns

by ONUAH YVONNE

The Nigerian Senate has issued a summons to the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, requesting his appearance before the Senate Committee on Banking, Insurance, and other Financial Institutions next Tuesday. Senator Adetokunbo Abiru, the Chairman of the Committee, conveyed this decision after a closed-door meeting in Abuja on Wednesday.

The primary focus of the committee’s meeting was the alarming depreciation of the naira in the foreign exchange market, reaching N1,520 to a US dollar. Senator Abiru emphasized that the state of the economy, particularly the rising inflation index, raised significant concerns among lawmakers.

In his statement to reporters, Senator Abiru outlined the committee’s deliberations and the decision to summon the CBN Governor. He expressed the Senate’s desire for Governor Cardoso to provide insights into the current state of the economy and address questions related to the free fall of the naira. The meeting with the CBN Governor is scheduled for 3 p.m. on Tuesday.

“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,” Senator Abiru stated. The committee intends to communicate this resolution to Governor Cardoso and provide further updates to the press following the scheduled meeting.

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