The Governor of Central Bank of Nigeria, CBN, Olayemi Cardoso has been summoned by the Senate’s Committee on Banking, Insurance, and other Financial Institutions has summoned to appear before it next Tuesday.
The committee, chaired by Senator Adetokunbo Abiru, took this action in response to the plummeting value of the naira in the foreign exchange market, reaching N1,520 to a US dollar.
Concerned about the economy, especially the inflation rate, lawmakers aim to address the situation and seek insights from the CBN governor. The summoning of the governor comes amidst the Central Bank’s release of a circular warning against financial market malpractices.
After an emergency session, Senator Abiru announced the decision to summon the CBN governor and emphasized the significance of addressing the state of the economy.
|The Punch
