The Senate Committee on Banking, Insurance, and Financial Institutions has summoned Central Bank of Nigeria Governor Olayemi Cardoso, along with other CBN officials, to discuss the challenges currently facing the country. This session is particularly timely, given the recent depreciation of the Naira and the economic difficulties impacting Nigerians.
Just two days prior, Cardoso appeared before the House of Representatives to address the Naira’s significant decline and the ongoing foreign exchange crisis. During that session, he attributed the pressure on the Naira to factors such as medical and education tourism. Despite the Central Bank’s recent policy interventions aimed at stabilizing the currency, data from FMDQ indicates that the Naira fell to N1479.47 per US dollar in the foreign exchange market on Thursday.
In an effort to address these issues, the CBN had issued a ‘Financial Markets Price Transparency and Market Notice of a revision to the FMDQ FX Market Rate Pricing Methodology’ along with other reforms just last week.
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