The Joint Senate Committee On Finance, Banking, Insurance and Financial institutions is currently having an interactive session with the Economic Management Team over the recent fall of the naira.
BrandSpur Nigeria reports the Economic Management Team includes officials of the Central Bank of Nigeria (CBN) led the governor, Yemi Cardoso.
The committee had on January 31 summoned the CBN governor to appear before it.
The move comes amid pressing concerns about the state of the economy and the sharp decline of the naira in the foreign exchange market.
During the session, senators pressed the CBN for explanations regarding the numerous economic difficulties currently confronting the nation.
Senator Adetokunbo Abiru highlighted the urgent need for a detailed forensic investigation into past transactions and compliance within the bank, reflecting broader concerns about the effectiveness of the CBN’s policies amid escalating poverty and insecurity.
Senator Orji Kalu criticized the prevailing reliance on the dollar for business transactions and lamented the decrease in Foreign Direct Investment (FDI) in Nigeria.
He questioned the CBN’s strategy to mend relations with the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) to prevent the impending strike action, which he argued could exacerbate the current state of hunger and hardship.
The committee also expressed apprehension regarding the potential repercussions of proposed food importation plans intended to address the food shortage.
Senators warned that such measures could undermine national food security and discourage local farmers from increasing production.
Senator Adamu Aliero strongly opposed the return to food importation, advocating instead for a focus on irrigation and other interventionist strategies to bolster the agricultural sector.
