From Fred Itua, Abuja
The Senate committee on Banking, Insurance and other Financial Institutions has summoned the Governor, Central Bank of Nigeria (CBN), Dr Olayemi Cardoso, to appear before it next Tuesday on the poor state of economy and free fall of naira.
The Committee met on Wednesday when naira plummeted to an all-time low of N1,520 to a US dollar and resolved to summon the CBN Governor on the way out.
Addressing journalists after the meeting held behind closed door, the committee chairman, Adetokunbo Abiru, said the state of the economy, especially the inflation index accentuated by highly-eroded value of the Naira was of great concern to lawmakers.
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.”