The Senate, on Wednesday, through its Committee on Banking, Insurance and Other Financial Institutions, summoned the Governor of the Central Bank of Nigeria, Olemi Cardoso, to appear before it on Tuesday next week to answer questions on the state of the economy and freedom. Fall of the naira in the forex market.
The committee, chaired by Senator Adetokunbo Abiru (APC Lagos East), met on Wednesday when the naira depreciated to N1,520 to a US dollar and decided to call the CBN governor on his way out.
The value of the naira fell at the official window on Tuesday to an all-time low of 1,482 naira to one dollar.
The local unit closed at 1,348 to the dollar on Monday after the FMDQ security exchange reviewed the methodology used to calculate its prices.
This came as the Central Bank of Nigeria issued a circular to authorized dealers on transparency of financial market prices, warning them against engaging in sharp practices.
Due to the turbulent economic situation, lawmakers held an emergency session to save the inflation rate.
Speaking with journalists after the meeting held behind closed doors, Abiru said the state of the economy, especially the inflation index, was a major concern for lawmakers.
He said: “We held a meeting this afternoon to focus mainly on the direction of the Nigerian economy.
“We are all living witnesses of what is going on. What highlights the main issue of the economy is the way the inflation index has been, and of course, it is a major concern for us.
“We have deliberated among ourselves. The critical issues have been addressed and we believe the next line of action is to call the central bank governor on Tuesday at three o’clock to properly brief us on the state of the economy.
He added: “We have resolved the matter and will communicate with the Governor of the Central Bank, and after that we will make further contacts with the media.”