• Wednesday, February 28, 2024
businessday logo

BusinessDay

Senate summons CBN Governor, Cardoso over soaring inflation, naira free-fall

Senate probes $2.4bn ‘invalid’ FX transactions

The Senate Committee on Banking, Insurance, and other Financial Institutions has summoned Olayemi Cardoso Governor of the Central Bank of Nigeria (CBN), to appear before it on Tuesday, February 6 over the state of economy, notably the rising inflation and the free-fall of the naira.

Chaired by Mukhail Abiru (APC Lagos East), the committee held an emergency meeting on Wednesday following the Naira’s sharp decline to N1,520 against the US dollar. The members resolved to summon the CBN governor to provide insights into the economic challenges.

Speaking with journalists after the closed-door meeting, Abiru expressed deep concern about the inflation index and the overall economic situation. “We are all living witnesses to what is going on. Underlining the economy’s major issue is how the inflation index has been, and, of course, it is a major concern to us”, he stated.

“We have deliberated among ourselves. Critical issues were addressed, and the next line of action is to summon the governor of the Central Bank on Tuesday at 3 o’clock to brief us properly on the state of the economy.

“We will communicate our resolutions to the governor, after which we will have further communication with press members,” he added.