As Naira hit all-time low, Senate summons CBN Gov. on state of economy

According to data published by FMDQ, naira closed Tuesday at N1,482.57 per $1 at the official market.

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Senate summons CBN Gov. on state of economyThe Senate,  through its committee on Banking, Insurance and other Financial Institutions has summoned the Governor of Central Bank of Nigeria (CBN), Olayemi Cardoso to appear before it on Tuesday.

He is to explain the state of the economy and the free-fall of Naira at the forex market to the Senate.

Chairman of the Committee, Sen. Adetokunbo Abiru made this known while speaking to journalists on Wednesday in Abuja,  after a closed-door session.

BRANDPOWER reports that 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 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 CBN  on Tuesday at 3 pm,  to brief us properly on the state of the economy.

“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.”

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This is coming on the heels of the Naira hitting an all-tie low Tuesday as the Naira slipped to an all-time low against the United States dollar across forex markets on Tuesday as the Central Bank of Nigeria (CBN) moved to clear dollar backlogs owed to foreign airlines operating in the country.

According to data published by FMDQ, naira closed Tuesday at N1,482.57 per $1 at the official market. The rate represents 10 per cent depreciation from N1,348/$1 the domestic currency traded in the previous session on Monday.

Meanwhile, the local currency also depreciated further at the unauthorised market on Tuesday amidst lingering dollar scarcity and high demand.

According to parallel market rates posted on Tuesday, the dollar was exchanged at N1,491.00 per $1 at the black market segment.