Senate Summons CBN Governor, Yemi Cardoso Over Naira Depreciation | READ MORE

Following the continued depreciation in the value of Naira, the Senate’s Committee on Banking, Insurance, and other Financial Institutions has ordered Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, to appear before it on Tuesday, February 6.

The Committee, chaired by Senator Adetokunbo Abiru (APC Lagos East), met on Wednesday, January 31, when the naira plummeted to N1,520 to a US dollar and resolved to summon the CBN governor on the way out.

“We have held a meeting this afternoon essentially to focus 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.

“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” Abiru said.

The Senate is seeking answers and solutions from the apex bank governor to stabilise the currency and restore confidence in the economy.

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.