Senate on Wednesday summoned the Central Bank of Nigeria Governor, Olayemi Cardoso over the free fall of the Naira and hyper inflation.
Senate Committee on Banking, Insurance and other Financial Institutions under the chairmanship of Senator Adetokunbo Abiru issued the summon.
The CBN Governor and his team were asked to appear on Tuesday next week to explain the state of the economy and the free fall of the Naira at the forex market.
The Committee at a meeting on Wednesday expressed concern over the endless weakening of the Naira that saw it rose to N1,520 to a US dollar as at Wednesday.
Senator Abiru while speaking with journalists after the meeting held behind closed door at the National Assembly, said the state of the economy, especially the inflation index, was of great concern to the lawmakers.
According to him, “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 on Tuesday at 3 O’clock 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.”