Senate invites CBN governor for explanations as Naira hits 1,520 to one US Dollar

The Nigerian Senate on Wednesday invited the governor of the Central Bank of Nigeria, CBN, Mr Olayemi Cardoso, for explanations over the unceremonious state of the country’s currency as well as soaring inflation that has sent prices of goods and services above the roof.

The head of the Committee on Banking, Insurance and other Financial Institutions headed by Senator Adetokunbo Abiru sanctioned the call for the invitation of the CBN boss to appear before the lawmakers.

Mr Olayemo Cardoso and his team are expected to stand before the Senate on Tuesday next week as the Naira continues to nose-dive in strength at the forex market.

The Committee on Banking, Insurance and other Financial Institutions frowned on the sudden rise of the Naira which is now N1,520 to the US dollar as of Wednesday.

While addressing journalists after the meeting held behind closed door at the National Assembly, Senator Abiru said, “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.”

The Nigerian economy is currently at its lowest ebb in several years.

Prices of food and transportation have skyrocketed across the West African country as the country’s inflation rate for the month of December climbed to its highest level in over 27 years, increasing the cost-of-living crisis. Economic experts in the country said increasing fuel prices and a weaker local currency have added to the biting economic downturn.