By Isaac Akerele
Nigeria’s Economic Management Team led by The Governor, Central Bank Of Nigeria, Yemi Cardoso is in an interactive session with lawmakers over the country’s spiraling inflation, currency collapse and mounting hunger crisis.
Cardoso arrived at the National Assembly on Thursday to interface with a joint committee of senators weighing the bank’s role in the economic turmoil gripping Africa’s largest economy.
The committee had earlier o, January 31-summoned the Central Bank Governor to appear before it in respect to explanations on the nagging economic challenges facing the country
Committee chairman, Senator Adetokunbo Abiru stressed the need to ‘forensically’ probe the CBN’s past actions and it’s compliance amid the sharp decline of the naira and surging food prices.
As fellow lawmakers echoed the demands for accountability, Senator Orji Kalu insists Nigeria must revisit policies allowing dollar transactions that trigger foreign exchange volatility. He lamented the fast dwindling rate of Foreign Direct Investment in the country
With poverty and insecurity at an all time high, the legislators argued the CBN cannot credibly claim its inflation-targeting policy is working as intended.
“There is no reason to be importing food and destroying local production,” Senator Adamu Aliero said, urging that restored focus on agriculture sector, use of irrigation among others, will improve the impact on agriculture sectors
Governor Cardoso said that unsustainable demand for dollars is the “genuine issue” widening exchange rate gaps
While he pledges to restore credibility, Cardoso said markets are properly responding to CBN policies put in place. He projected declines in inflation this year
President Bola Tinubu’s administration recently released short term relief food items to the tune of 10,200 metric tonnes of grain as a temporary measure as it works out sound solutions to address the mounting crisis, although critics question the effectiveness of the move.
The Current administration had since plead with Nigerians that it will do all it can on rising inflation as the countries’ fiscal future hangs in the balance.
