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Senate Summons CBN Governor Over Naira’s Forex Decline

The Senate’s Committee on Banking, Insurance, and other Financial Institutions has issued a summons for the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, to appear before it next Tuesday to address concerns regarding the economy and the alarming depreciation of the naira in the forex market.

Chaired by Senator Adetokunbo Abiru (APC Lagos East), the Committee convened on Wednesday amidst the backdrop of the naira plunging to N1,520 against the US dollar, prompting urgent deliberations on the matter.

Following a closed-door session, Senator Abiru addressed journalists, highlighting the legislature’s deep apprehensions about the state of the economy, particularly concerning inflationary pressures.

He emphasized, “We have held a meeting this afternoon essentially to focus on the direction of the Nigerian economy.”

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