The Senate has called on the Governor of the CBN to appear before them to address concerns regarding the struggling economy and the depreciation of the Naira.


The Senate has issued a directive for the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, to appear before it on Tuesday, February 6. The summons is in relation to concerns about the current state of the economy and the fluctuating value of the Naira in the foreign exchange market.

Led by Senator Adetokunbo Abiru, APC Lagos East, the Senate Committee on Banking, Insurance, and Other Financial Institutions made this decision following a meeting on Wednesday, January 31, prompted by the Naira’s exchange rate of N1,520 to a US dollar. Senator Abiru, addressing journalists after the meeting, explained that the CBN Governor is expected to provide insights on how the country can overcome its current economic challenges.

He stated, “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.”

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