BREAKING: Naira Free Fall: Senate summons CBN Governor, Cardoso

Worried by the free fall of Naira and hyper inflation being witnessed in the economy Nigeria Senate on Wednesday summoned Governor of the Central Bank of Nigeria, CBN, Mr Olayemi Cardoso and his team to appear before the Committee on Tuesday next week.

The Central Bank Governor was summoned through the Senate Committee on Banking, Insurance and other Financial Institutions headed by Senator Mikhail Adetokunbo Abiru.

State of economy, inflation and free fall of Naira at forex market was expected to be discussed when the Apex bank boss appeared next week.

CAPITAL POST reports that Naira plummeted to N1,520 to a US dollar as at Wednesday, a development that triggered concerns which gave credence to the need to summon the CBN boss to discuss a way out.

Speaking with journalists after the meeting which held behind closed door, Senator Abiru said the state of the economy, especially the inflation index was of great concern to the law makers.

He 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.”