Inflation: Senate Summons CBN Governor

Category: Nigeria News

Today, the Senate issued a summons to Olayemi Cardoso, the governor of the Central Bank of Nigeria, concerning the sharp depreciation of the Naira and the prevailing hyperinflation.

The summons was issued by the Senate's Committee on Banking, Insurance, and other Financial Institutions, chaired by Senator Adetokunbo Abiru. The governor and his team have been requested to appear next Tuesday to provide insights into the state of the economy and the unrestricted movement of the Naira in the foreign exchange market. During a meeting on Wednesday, the Committee conveyed apprehension regarding the continuous devaluation of the Naira, which had escalated to N1,520 to a US dollar as of that Wednesday.

Addressing reporters following a closed-door meeting at the National Assembly, Senator Abiru emphasized that the lawmakers are deeply troubled by the state of the economy, particularly the inflation index.

READ: CBN To Take Over Money In Dormant Accounts

He stated, "We convened this meeting this afternoon primarily to delve into the trajectory of the Nigerian economy. We are all witnesses to the ongoing developments. The predominant issue in the economy is the concerning trend of the inflation index, and it is a matter of great concern to us."

"We have engaged in discussions amongst ourselves, addressing crucial matters. It is our collective belief that the next step is to summon the governor of the Central Bank on Tuesday at 3 o'clock to provide a thorough briefing on the state of the economy.

This resolution will be communicated to the governor of the Central Bank, followed by additional communication with members of the press."

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