Despite Spending N57B to Import SUVs, Senate Summons CBN Gov. on Naira Depreciation

The Senate on Wednesday summoned Olayemi Cardoso, Governor of the Central Bank of Nigeria CBN, to appear before it on Tuesday next week to answer questions about the state of the economy and the naira’s free fall in the forex market.

The Committee on Banking, Insurance, and Other Financial Institutions chaired by Senator Adetokunbo Abiru (APC Lagos East), resolved to summon the CBN governor when the naira plummeted to N1,520 to a US dollar to discuss a way out.

The summon followed the CBN’s circular that allowed dealers on the financial market to trade with transparency and caution, which was issued out on Monday, January 29, 2024, after it had discovered that authorised dealers’ were involved in misleading reports on trading activities.

Concerned about the status of the economy, the Senate called an emergency session to save the inflation rate.

The Committee Chair, Abiru, speaking with pressmen after the meeting, said, “We have held a meeting this afternoon essentially to focus on the direction of the Nigerian economy.”

Furthermore, he expressed that we were all living witnesses of what the reality was while underlying the major cause of the plummeting economy as the inflation index. “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,” he stated.

Meanwhile, the Senate amid economic hardship had in October justified using the scarce dollars to purchase fleets of luxurious vehicles, costing N57 billion because the 10th assembly members wanted vehicles that were not only durable on Nigerian roads, but also be able to maintain for the period of four years.

Read more: Bandits on Rampage, Kidnaps FHA Director in Abuja

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Mayowa Durosinmi

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M. Durosinmi is a West Africa Weekly investigative reporter covering Politics, Human Rights, Health, and Security in West Africa and the Sahel Region

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