Senate Summons CBN Chief Cardoso Over Naira Free Fall

The Senate’s Committee on Banking, Insurance, and other Financial Institutions has summoned the Governor of the Central Bank of Nigeria, Olayemi Cardoso, to appear before Committee next Tuesday.

The move comes in between pressing concerns about the state of the economy and the sharp decline of the naira in the foreign exchange market.

With the official window reporting the naira falling to an all-time low as it hit a new low of N1,520 to a dollar on Wednesday, the Senate is requesting answers and solutions from the apex bank governor to stabilize the currency and restore confidence in the economy.

Meanwhile, the CBN said it has fulfilled its pledge to clear the backlog of foreign exchange owed to foreign airlines in the country, and finalized the payment of all verified claims by airlines with an additional $64.44 million to the concerned airlines.

The CBN added that it released US$500 million to several sectors to further address the backlog of verified foreign exchange transactions.