Senate Summons CBN Governor Over Naira Free Fall, State of Economy

The Senate Committee on Banking, Insurance and other Financial Institutions has summoned the Governor of the Central Bank of Nigeria, Olayem Cardoso, to appear before it ,next Tuesday.

This comes on the pressing issues concerning the sharp dropped of Naira in the foreign exchange market and the state of economy.

Addressing , Journalists after the meeting held behind closed door, the Committee Chairman, Senator Adetokunbo Abiru who noted that the Free Fall of Naira and state of the economy, especially the inflation index was of great concern to the lawmakers, said “We have held a meeting this Wednesday, afternoon essentially to focus on the direction of the Nigerian economy.

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“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..”

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Meanwhile, the CBN said it has fulfilled its pledge to clear the backlog of foreign exchange owed to foreign airlines in the country, and concluded the payment of all verified claims by airlines with an additional $64.44 million to the concerned airlines.

The CBN also said it released US$500 million to various sectors to further address the backlog of verified foreign exchange transactions.

By Sophina Ovuike, Abuja