Senate summons CBN  Gov. Over Naira Depreciation, Inflation

The Senate has summoned the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso to appear before it on Tuesday over the steady depreciation of naira in the foreign exchange market.

Tokunbo Abiru, the Chairman of the Senate Committee on Banking, Insurance, and Other Financial Institutions, announced this on Wesdnesday.

He said that the Senate was concerned about the steady depreciation of the naira, state of the economy, especially their inflationary impact.

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

“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.

Critical issues were addressed and we believe that the next line of action is to summon the Governor of the Central Bank of Nigeria on Tuesday at 3 pm 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.”