Senate Summons CBN Governor, Cardoso Over Fall of Naira

• Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso has been summoned to appear before the Nigerian Senate
• Cardoso was summoned on Wednesday, January 31 over the state of the nation’s economy and the fall of the naira at the Forex market.
• The CBN boss is expected to brief the federal lawmakers properly on the state of the economy on Tuesday, February 6

Legit.ng journalist Adekunle Dada has over 5 years of experience covering metro and government policy

FCT, Abuja - The Nigerian Senate has summoned the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso over the state of the nation’s economy and the fall of the naira at the Forex market.

The Committee on Banking, Insurance and Other Financial Institutions, chaired by Senator Adetokunbo Abiru (APC, Lagos East), made the decision to summon Cardoso after the Naira had nose-dived to N1,520 to a US dollar on Wednesday, January 31, Leadership reported.

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Abiru disclosed this while speaking with the newsmen after the emergency meeting held behind closed doors in Abuja.

As reported by The Punch, the senator said the meeting focused on the economy, the inflation index and how it affects the people.

“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.”

Cardoso must win war against dollar

Meanwhile, Legit.ng reported that Barrister Oladotun Hassan described the CBN as the "ATM of some political gladiators" that Cardoso must work on and stand firm against corruption within the apex bank with a "double-edged sword."

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He stated that Cardoso must set a standard for the CBN and regain citizens' confidence, especially in the exchange rate between the Naira and the Dollar.

"Mr governor of the Central Bank must be ready to show us how to follow the rule of engagement and the act of the CBN, ensuring that the Naira gains value by not just valuing and causing austerity and giving a lot of other policies but by creating a local market.

Source: Legit.ng