BREAKING: Senate Grills CBN Governor, Others As Naira Worsens

The Senate Committee on Banking, Insurance, and Financial Institutions convened a session on Friday morning with the Governor of the Central Bank of Nigeria, Olayemi Cardoso, and other CBN officials.

This meeting comes amid mounting concerns over the increasing cost of living and economic hardship faced by Nigerians as Naira continues to weaken against US dollar and other currencies.

Just two days prior, Cardoso had appeared before the House of Representatives to address issues related to the sharp decline of the Naira and the ongoing foreign exchange crisis.

During the House session, the CBN Governor attributed the pressure on the Naira to expenditures on medical and educational tourism.

Despite recent policy interventions by the CBN, data from the Financial Markets Dealer’s Quotations (FMDQ) revealed that the Naira further depreciated, reaching N1479.47 per US dollar in the foreign exchange market on Thursday.

Last week, the CBN introduced various reforms, including the issuance of the ‘Financial Markets Price Transparency and Market Notice of a revision to the FMDQ FX Market Rate Pricing Methodology’, in an effort to address these challenges.