Senate Banking Committee Summons CBN Governor Amid Naira Decline

The Senate’s Committee on Banking, Insurance, and other Financial Institutions has issued a summons to Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso.

The governor is expected to appear before the committee next Tuesday, addressing concerns about the state of the economy and the significant decline of the naira in the foreign exchange market.

Amid the pressing economic challenges, especially with the naira hitting a new low of N1,520 to a dollar on Wednesday, the Senate seeks answers and solutions from the CBN governor. The primary focus is on stabilizing the currency and restoring confidence in the economy.

In a related development, the CBN reports fulfilling its commitment to clear the backlog of foreign exchange owed to foreign airlines operating in the country.

The central bank concludes the payment of all verified claims by airlines, providing an additional $64.44 million to the concerned carriers. Furthermore, the CBN discloses releasing US$500 million to various sectors, aiming to address the backlog of verified foreign exchange transactions.

As the economic landscape faces uncertainties, the Senate’s move to summon the CBN governor underscores the urgency of finding solutions to the challenges impacting the nation’s currency and economic stability.

The developments within the CBN, including clearing forex backlogs and injecting funds into sectors, reflect ongoing efforts to mitigate the impact on the economy.