Senate summons CBN to explain differential exchange rate for projects


The Senate Committee on Finance has invited the Central Bank of Nigeria (CBN) to appear before it on Monday.

A statement made available to newsmen at the weekend and signed by Kayode Odunaro, media aide to chairman of the Committee, Senator Solomon Adeola said the apex bank would explain the rationale behind the exchange rates it used for three key projects under the Presidential Infrastructure Development Fund(PIDF) being funded to the tune of billions of naira by the Nigeria Sovereign Investment  Authority(NSIA) across the country.

The statement revealed that the  PIDF was earmarked from dollar-denominated Sovereign Wealth Fund to partly fund the Lagos–Ibadan Expressway, Second Niger…

Source: Nigerian Tribune