Senate turns heat on CBN Governor Cardoso, other officials amidst economic turmoil
The Governor of the Central Bank of Nigeria, Olayemi Cardoso and other officials of the apex bank are currently on the hot seats as they face the Senate Committee on Banking, Insurance, and Financial Institutions.
The meeting, currently ongoing in the Red Chambers, comes amidst mounting concerns over the escalating cost of living and economic hardships faced by Nigerians.
Cardoso had earlier appeared before the House of Representatives to address the concerning depreciation of the Naira and the ongoing foreign exchange crisis.
During the session, the CBN governor attributed the pressure on the Naira to expenses related to medical and education tourism.
Nigeria’s local currency, the Naira, is currently at its lowest performance against the US dollar, adding to the inflation crisis facing the nation.
The country’s inflation rate reached its highest level in more than 27 years, as food prices soared, worsening a cost-of-living crisis.
This also piled a heavy pressure on the central bank to raise interest rates.
Consumer inflation increased for the 12th consecutive month in December to 28.92% year on year, up from 28.20% in November, according to the National Bureau of Statistics on Monday.
The food inflation rate, which accounts for the majority of Nigeria’s inflation basket, increased to 33.93% in December from 32.84% the previous month.
