The Senate Committee on Banking, Insurance, and Financial Institutions is conducting a session with Olayemi Cardoso, the Governor of the Central Bank of Nigeria, as reported by DAILY POST.
Cardoso, accompanied by other CBN officials, appeared before the Senate on Friday morning amidst the increasing cost of living and the challenges faced by Nigerians.
Just a couple of days earlier, Cardoso had testified before the House of Representatives regarding the depreciation of the Naira and the crisis in foreign exchange.
The CBN governor attributed the pressure on the Naira to expenditures on medical and educational tourism.
Despite recent policy interventions by the CBN, data from FMDQ indicates that the Naira fell to N1479.47 per US dollar in the foreign exchange market on Thursday.
Last week, the CBN issued a ‘Financial Markets Price Transparency and Market Notice’ regarding a revision to the FMDQ FX Market Rate Pricing Methodology, along with other reforms.