In a bid to address growing concerns over the state of the economy and the alarming free fall of the naira in the forex market, the Senate's Committee on Banking, Insurance, and other Financial Institutions has taken a decisive step by summoning the Governor of the Central Bank of Nigeria, Olayemi Cardoso. The summons comes amidst a backdrop of economic uncertainty, with the naira plummeting to N1,520 to a US dollar, marking a significant decline.
Chaired by Senator Adetokunbo Abiru of APC Lagos East, the Committee convened on Wednesday to deliberate on the pressing economic challenges gripping the nation. Following a closed-door meeting, Senator Abiru addressed journalists, highlighting the gravity of the situation. He emphasized the profound concern among lawmakers regarding the inflation index and its adverse effects on the economy.
"We have held a meeting this afternoon essentially to focus on the direction of the Nigerian economy," Senator Abiru stated. "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."
The Committee's deliberations led to a unanimous decision to summon the CBN Governor to provide comprehensive insights into the economic landscape. Senator Abiru announced the scheduled appearance of Governor Cardoso before the Committee on Tuesday next week at 3 o'clock.
"We have deliberated among ourselves. Critical issues were addressed, and we believe that the next line of action is to
