Nigerian Senate Summons CBN Governor As Naira Hits N1,520 Per Dollar

The Nigerian Senate has summoned the governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, to appear before it on Tuesday, February 6, 2024, over the state of the economy and free fall of the Naira. It was reported that the Nigerian currency, the Naira, hit an all-time low of N1,520 at the parallel market on Wednesday, January 31, 2024.

Addressing journalists on Wednesday, chairman of the Senate Committee on Banking, Insurance, and Other Financial Institutions, Senator Tokunbo Abiru, lamented the current economic situation of the country. Senator Abiru said the state of the nation’s economy, especially the inflation index was of great concern to the Senate.

According to his words; “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 of Nigeria on Tuesday at 3 pm 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,” he added.

The move comes amid pressing concerns about the state of the economy and the sharp decline of the naira in the foreign exchange market. With the official window reporting the naira falling to an all-time low as it hit a new low of N1,520 to a dollar on Wednesday, the Senate is seeking answers and solutions from the apex bank governor to stabilize the currency and restore confidence in the economy.

Meanwhile, the CBN said it has fulfilled its pledge to clear the backlog of foreign exchange owed to foreign airlines in the country, and concluded the payment of all verified claims by airlines with an additional $64.44 million to the concerned airlines. The CBN also said it released US$500 million to various sectors to further address the backlog of verified foreign exchange transactions.

Austine Ikeru
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