Free Fall of Naira; Senate Summons CBN Governor

The Senate Committee on Banking, Insurance and other Financial Institutions has summoned the Governor of Central Bank of Nigeria (CBN), Olayemi Cardoso.

The panel said Cardoso must appear before it on Tuesday next week to address it on the state of the economy and the free fall of the naira at the foreign exchange market.

The Chairman of the Committee, Senator Adetokunbo Abiru (APC Lagos East), announced the summons on Wednesday when his panel held an emergency meeting to address the situation of the nation’s currency which had fallen to about N1,500 to a US dollar at the parallel market.

Speaking with journalists 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.

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