It is no longer news that the Nigerian currency, naira, is constantly falling in the forex market, and that the country seems to be running its economy on dollar rates, making it harder for investors, traders, and consumers, to successfully carry out transactions without fear of losing their money or their purchasing power.
Naira, as at yesterday, January 31, reportedly crashed again, after several falls, making doing business in the country stiffer.
While business owners, investors, and the masses, hope the naira will soon regain its strength, the slogan, “yesterday’s price is not today’s price. Today’s price, is not tomorrow’s price”, seems to be gaining ground in many quarters within the country.
Based on the obvious predicaments, the senate, on January 31, 2024, invited the apex bank governor, Mr. Olayemi Cardoso, over the free fall of naira.
The senate, through the chairman of the Committee on Banking, Insurance and other Financial Institutions, Senator Adetokunbo Abiru, said the CBN governor’s invite, is for explanation on how to resolve the current situation.
Also speaking to journalists after a closed door meeting, Senator Abiru said the economic situation has become a great concern to the lawmakers, and so, the need to focus on the direction of the nation’s economy.
In Abiru words, “We are all living witnesses to what is going on. … the way the inflation index has been; and of course, it is a major concern to us;” consequently, Mr. Cardoso, is to appear before the senate next Tuesday.