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The Senate house, through its committee, has called on the governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso in a bid to address growing concerns about the state of the economy and the alarming depreciation of naira in the forex market,
The Senate Committee on Banking, Insurance, and other Financial Institutions convened on Wednesday and the Senator representing APC Lagos East, Adetokunbo Abiru chaired the group.
Report has it that the naira has plummeted to N1,520 to a US dollar, reaching an unprecedented low.
Senator Abiru announced that the committee deliberated on critical economic issues, particularly the soaring inflation index, and decided to summon the CBN governor to provide detailed insights into the state of the economy.
"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," stated Senator Abiru.
The urgency of the situation prompted an emergency session where lawmakers discussed potential measures to salvage the inflation rate. Expressing their collective concern, the lawmakers emphasized the need for transparency and accountability in addressing the economic challenges facing the country.
It is on record that CBN had issued a circular to authorized dealers on financial market price transparency, cautioning against engaging in sharp practices. The circular aims to ensure fair and ethical practices in the financial market.
As the Senate prepares to engage with Governor Olayemi Cardoso, the nation awaits insights into the CBN's strategies and plans to stabilize the economy and address the free fall of the naira in the forex market.
