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NAIRA STABILITY: Senate Summons CBN Governor Over State Of Economy

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The Central Bank of Nigeria Governor, Olayemi Cardoso is to appear before the Senate Committee on Banking, Insurance, and Other Financial Institutions on Tuesday next week following the free flow of naira at the Forex Market and State of Economy.

The Committee Chairman, Senator Adetokunbo Abiru extended the invitation on Wednesday when naira plummeted to N1, 520 to the US dollar.

Senator Abiru, who briefed newsmen after an emergency closed-door meeting in Abuja, said the state of the economy, especially the inflation index was of great concern to the lawmakers.

In a related development, the Central Bank of Nigeria (CBN) has ordered deposit MONEY banks to sell their excess dollar stock amid its fresh moves to stabilize the nation’s volatile exchange rate from today.

The CBN, in a new circular released on Wednesday, also warned lenders against hoarding excess foreign currencies for profit.

According to officials, the central bank believes some commercial banks hold long-term foreign exchange positions to enable them profit from the volatile movements of exchange rates.

The new circular introduces a set of guidelines aimed at reducing the risks associated with these practices.

The latest circular came barely 48 hours after the CBN released a circular, warning banks and FX dealers against reporting false exchange rates, among others.

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