The Senate Committee on Banking, Insurance, and Financial Institutions has called Central Bank of Nigeria Governor Olayemi Cardoso and other CBN officials to a session to address the challenges facing the country. The session comes in the wake of the Naira’s depreciation and the economic difficulties affecting Nigerians.
Just two days ago, Cardoso appeared before the House of Representatives to discuss the Naira’s free fall and the foreign exchange crisis. During the session, the CBN governor attributed the pressure on the Naira to medical and education tourism.
Despite the CBN’s recent policy interventions, data from FMDQ shows that the Naira dropped to N1479.47 per US dollar in the foreign exchange market on Thursday. The CBN had issued a ‘Financial Markets Price Transparency and Market Notice of a revision to the FMDQ FX Market Rate Pricing Methodology’ and other reforms just last week.
