Senate Summons CBN Governor Over Falling Naira, Economy

By Aduragbemi Omiyale

The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, has been summoned by the Senate Committee on Banking, Insurance, and Other Financial Institutions.

Chairman of the committee, Mr Adetokunbo Abiru, who is a former banker, said the CBN chief is to appear before members of the team next Tuesday.

He is expected to explain the steps being taken by the apex bank to save the Naira and the ailing economy from total collapse.

The Naira weakened to N1,510/$1 in the parallel market on Wednesday, and on Tuesday, it crashed to N1,482/$1 in the official market, sparking fears that the prices of goods and services could further hit the skies.

The local currency plunged in the foreign exchange (FX) market segments despite the central bank releasing funds to clear its backlog of forex liabilities.

On Wednesday, federal lawmakers held a closed-door meeting to discuss national issues, particularly the economy and the free fall of the Naira.

Addressing newsmen afterwards, Mr Abiru said the CBN Governor would have to appear before the committee to state measures being taken to bring the situation under control.

Mr Abiru, who left Polaris Bank as its chief executive to join politics, said the National Assembly was worried about the state of the Naira and the economy.

“We have held a meeting this afternoon essentially to focus on the direction of the Nigerian economy.

“We are all living witnesses to what is going on. Underscoring 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 p.m. to properly brief us 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 said.

The Naira has not known peace since the administration of President Bola Tinubu unified the exchange rate in June 2023.