Cardoso prior to this, had appeared before the members of the House of Representatives over the free fall of the Naira
The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, is currently answering questions in a session with the Senate Committee on Banking, Insurance and Financial Institutions.
According to DAILY POST, Cardoso led other officials of CBN to the Red Chambers on Friday morning amid the rising cost of living and hardship Nigerians are grappling with.
Prior to this, the apex bank governor had appeared before the members of the House of Representatives over the free fall of the Naira and the foreign exchange crisis.
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While being drilled by the lower legislative chamber, Cardoso blamed medical and education tourism for the pressure on Naira.
According to FMDQ data, despite CBN’s recent policy interventions, the Naira dropped to N1479.47 per US dollar at foreign exchange market on Thursday.
CBN had issued ‘Financial Markets Price Transparency and Market Notice of a revision to the FMDQ FX Market Rate Pricing Methodology’ and other reforms last week.
Naira has seemingly defiled all measures but in place by the Central Bank to check its continuous depreciation, leading to economic hardship among Nigerians.
