The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has been summoned by the Senate’s Committee on Banking, Insurance, and Other Financial Institutions in response to the recent decline in the value of the naira to N1,520 versus the US dollar.
The committee met on Wednesday to discuss the rising concerns about the status of the economy, especially the rising inflation index, under the direction of Senator Adetokunbo Abiru (APC Lagos East).
After a meeting behind closed doors, Senator Abiru stated that the committee was concerned about the state of the economy and that they would be meeting with Governor Cardoso on Tuesday at 3 p.m. next week.
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“We have held a meeting this afternoon essentially to focus on the direction of the Nigerian economy,” Abirun said in a statement to reporters following the meeting.
“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 at 3 O’clock 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.
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