The 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.

Chaired by Senator Adetokunbo Abiru, the committee met behind closed doors to deliberate on critical issues, with a particular focus on the inflation index and the general state of the economy.

During the meeting, lawmakers expressed deep concerns about the economic indicators, especially after the naira reached an all-time low of N1,520 to the US dollar. This move comes in the wake of the recent revision of the methodology used for calculating closing rates on the currency by the FMDQ OTC Securities Exchange.

Following the emergency session, Senator Abiru addressed the media, emphasizing the importance of addressing the challenges the country is currently facing. The inflation index and the depreciation of the naira have become pressing issues, prompting the committee to seek insights from the CBN governor. 

The lawmakers aim to receive a comprehensive briefing from Governor Cardoso on the current economic situation, potential strategies for stabilization, and measures to curb further depreciation of the local currency.