The Senate has summoned governor of the Central Bank of Nigeria, CBN, Olayemi Cardoso over the free fall of the Naira and hyper inflation.

This followed concerns over the depreciation of the Naira which saw it rise to N1,520 to a US dollar on Wednesday

Chairman, Committee on Banking, Insurance and other Financial Institutions, Adetokunbo Abiru asked the governor and his team to appear on Tuesday next week to explain the state of the economy and the free flow of the Naira at the forex market.

He said, “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.”

Nigerians have continued to complain about the flying increases in market prices of goods despite a most recent promise by Cardoso that the CBN was working to reduce inflation to 21.4% this year.

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