The Senate has issued a summons to the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, regarding the significant decline of the Naira and hyperinflation.

The summon was made by the Senate’s Committee on Banking, Insurance, and other Financial Institutions, led by Senatorial Adetokunbo Abiru.

The governor and his team have been requested to appear before the committee next Tuesday to provide an explanation on the state of the economy and the devaluation of the Naira in the foreign exchange market.

During a closed-door meeting at the National Assembly, the committee expressed concern over the continuous weakening of the Naira, which reached a rate of N1,520 to a US dollar as of Wednesday.

Senator Abiru, speaking to journalists after the meeting, stated that the state of the economy, particularly the inflation index, is a major concern for the lawmakers.

He further explained, “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.”

The committee intends to communicate this resolution to the Central Bank governor and will subsequently provide further updates to the press.