Senate Committee Grills CBN Governor Over Naira Decline

Yemi Cardoso, the Governor of Central Bank, CBN is currently with the Joint Senate Committee on Finance, Banking, Insurance, and Financial Institutions.

The committee initiated an interactive session with the Economic Management Team, including officials from the Central Bank of Nigeria, CBN led by its Governor.

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This meeting, called in response to the critical state of Nigeria’s economy and the precipitous fall of the naira, took place following a summon issued to the CBN Governor on January 31.

During the session, senators pressed the CBN for explanations regarding the numerous economic difficulties currently confronting the nation.

Senator Adetokunbo Abiru highlighted the urgent need for a detailed forensic investigation into past transactions and compliance within the bank, reflecting broader concerns about the effectiveness of the CBN’s policies amid escalating poverty and insecurity.

Senator Orji Kalu criticized the prevailing reliance on the dollar for business transactions and lamented the decrease in Foreign Direct Investment (FDI) in Nigeria.

He questioned the CBN’s strategy to mend relations with the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) to prevent the impending strike action, which he argued could exacerbate the current state of hunger and hardship.

The committee also expressed apprehension regarding the potential repercussions of proposed food importation plans intended to address the food shortage.

Senators warned that such measures could undermine national food security and discourage local farmers from increasing production.

Senator Adamu Aliero strongly opposed the return to food importation, advocating instead for a focus on irrigation and other interventionist strategies to bolster the agricultural sector.

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