The officials of the Central Bank of Nigeria, including Governor Olayemi Cardoso, are currently undergoing a session with the Senate Committee on Banking, Insurance and Financial Institutions, according to a report by NewsNow. The meeting, which took place on Friday morning, comes amid concerns over the increasing cost of living and hardships faced by Nigerians.
Just two days prior to this, Cardoso had appeared before the House of Representatives to address the free fall of the Naira and the foreign exchange crisis. During the session, the CBN governor attributed the pressure on the Naira to medical and education tourism.
Despite recent policy interventions by the CBN, FMDQ data revealed that the Naira plummeted to N1479.47 per US dollar at the foreign exchange market on Thursday. Additionally, CBN had issued several reforms, including the ‘Financial Markets Price Transparency and Market Notice of a revision to the FMDQ FX Market Rate Pricing Methodology’ last week.