Naira Crash! Senate Committee Invites Cardoso

The Senate Committee on Banking, Insurance, and Other Financial Institutions has resolved to invite the Governor of the Central Bank of Nigeria, CBN, Olayemi Cardoso over the dwindling of the Naira.

The Naira has depreciated as of the 31st of January 2024, $1 equals N1,520 while £1 is N1,607 and 1 CAD is N1070 for the official foreign exchange market.

According to the Senator representing Abia North Senatorial District, Orji Uzor Kalu, the Committee had its first legislative meeting of the year on Wednesday which was chaired by Senator Adetokunbo Abiru.

“As expected the continuous depreciation of the Naira formed a major part of the committee’s discussion amongst other salient matters of economic importance. During the course of proceedings held behind closed doors, I backed the committee’s collective  resolve to invite the Central Bank Governor Olayemi Cardoso for a thorough engagement with the committee to remedy the worrisome situation.”

Confirming, Senator Abiru that the crash of the Naira is a major concern and has resolved to summon the CBN Governor on Tuesday.

“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.”

This will be the first time the official rate of the Naira will be higher than the parallel market exchange rate since after the COVID-19 era.

President Bola Tinubu had unceremoniously removed the fuel subsidy and subsequently floated the Naira which affected the value of the Naira.