Senate summons CBN Governor over state of Economy, free fall of Naira

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By Okechukwu Jombo

The Senate on Wednesday through its Committee on Banking, Insurance and other Financial Institutions, summoned the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso to appear before it on Tuesday next week over the state of the economy and free flow of Naira at the forex market.

The Committee Chaired by Senator Adetokunbo Abiru (APC Lagos East), hurriedly met on Wednesday when Naira plummeted to N1, 520 to a US dollar and resolved to summon the CBN governor on way out.

Speaking with journalists after the hurried meeting held behind closed doors, Senator Abiru said the state of the economy; especially the inflation index, was of great concern to the law makers.

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 next week 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”, he added.