Senate Summons CBN Chief Cardoso Over Naira Free Fall

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

This decision is made in response to serious worries over the economy and the precipitous fall of the naira on the global currency market.

The Senate is pressing the head of the central bank for answers and remedies in an effort to stabilise the currency and restore faith in the economy after the official window reported that the naira touched a new record low of N1,520 to the dollar on Wednesday.

At the same time, the CBN said that it has paid all confirmed claims by airlines plus an extra $64.44 million, fulfilling its promise to settle the country’s backlog of foreign exchange due to foreign airlines.

In addition, the CBN announced that it disbursed US$500 million to several industries in an effort to clear the backlog of confirmed FX transactions.