Due to the drastic decline of Naira in the foreign exchange market, the Senate’s Committee on Banking, Insurance, and other Financial Institutions has called upon the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso to appear before the committee next Tuesday.
As the official exchange rate reported the naira hitting a historic low of N1,520 per dollar on Wednesday, the Senate seeks answers and solutions from the CBN governor to address the currency’s instability and restore confidence in the economy.
Meanwhile, despite these economic challenges, the CBN has announced significant steps to address outstanding foreign exchange obligations owed to foreign airlines operating in Nigeria. Additionally, the bank has disbursed an additional $64.44 million to settle verified claims by these airlines.
Moreover, the CBN has allocated US$500 million to various sectors in efforts to tackle the backlog of verified foreign exchange transactions, underscoring its commitment to managing currency-related issues and promoting economic stability.
