Naira-Dollar exchange rise: Senate Summons CBN Governor

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The Senate Committee on Banking, Insurance and other Financial Institutions summoned Cardoso, the Governor of the Central Bank of Nigeria, CBN to address it on the state of the economy and the national currency.

The panel said Cardoso must appear before it next Tuesday.

Chairman of the committee, Senator Adetokunbo Abiru (APC Lagos East), announced the summons yesterday, when his panel held an emergency meeting to address the situation of the nation’s currency, which had fallen to N1, 530 to a US dollar on the parallel market.

Addressing the press after the meeting held behind closed doors, 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.

“We are all living witnesses to 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 CBN governor.

“He is expected to appear on Tuesday at 3pm to brief us properly on the state of the economy and the way forward.

“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.”