BREAKING: Senate drills CBN Governor Cardoso, other officials

The Senate Committee on Banking, Insurance and Financial Institutions is currently hosting an engaging session with the esteemed Central Bank of Nigeria Governor, Olayemi Cardoso.

Cardoso, along with other officials of CBN, made their way to the Red Chambers on Friday morning, addressing the pressing concerns of the increasing cost of living and the hardships that Nigerians are currently facing.

Just a couple of days ago, Cardoso made an appearance before the members of the House of Representatives to address the alarming decline of the Naira and the ongoing foreign exchange crisis.

The pressure on the Naira has been attributed to the phenomenon of medical and education tourism, as stated by the CBN governor.

Based on the latest data from FMDQ, it is concerning to see that despite the recent policy interventions by the CBN, the Naira experienced a significant drop to N1479.47 per US dollar in the foreign exchange market on Thursday.

Last week, the Central Bank of Nigeria (CBN) released a document titled ‘Financial Markets Price Transparency and Market Notice of a revision to the FMDQ FX Market Rate Pricing Methodology’ along with several other reforms. These updates aim to enhance transparency and improve the overall functioning of the financial markets.