… Over ‘Naira Free Fall’
NIGERIAN lawmakers Wednesday summoned the governor of the country’s apex bank, the Central Bank of Nigeria – CBN, Olayemi Cardoso.
The CBN Governor’s invitation by the Senate Committee on Banking, Insurance and other Financial Institutions was necessitated by the free fall of the local currency, the Naira and hyper inflation.
The Senator Adetokunbo Abiru-led committee asked Cardoso and his team to appear on Tuesday February 6, to explain the state of the economy and the free flow of the Naira at the forex market.
At a meeting on Wednesday, the Committee expressed concern over the endless weakening of the Naira that saw it rise to N1,520 to a US dollar on the day.
“We are all living witnesses of what is going on’’, Senator Abiru told journalists after the closed door meeting.
“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.”
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 of great concern to the lawmakers.
He said “We have held a meeting this afternoon essentially to focus on the direction of the Nigerian economy.