Nigeria’s Economy Records Over $1.5bn Inflow in Days, Says CBN

The Central Bank of Nigeria (CBN), has said that an inflow of over $1.5billion, injected into the Nigerian economy in the past few days, was an indication that its monetary policy measures were working.

The CBN’s Acting Director, Corporate Communications Department, Hakama Sidi-Ali, noted that data available to the apex bank, showed that the inflows resulted from a concerted effort to stabilise the foreign exchange market.

She also noted that the naira has also continued to record gains in the Autonomous Foreign Exchange market, as it traded at N1,309/$1 as against N1,611/$1 in the second week of March 2024.

The CBN spokesperson noted that Thursday’s rate signified that the naira was headed in the right direction, and assured that the CBN  under Olayemi Cardoso’s watch, remained committed to ensuring the stability of the market, and the appropriate pricing of the naira against other major currencies worldwide.

The CBN’s Monetary Policy Committee (MPC), recently announced a two-percent increase in its benchmark rate, from 22.75 per cent to 24.75 per cent on March 26, 2024.

The apex bank, also recently, announced it had cleared all verified foreign exchange backlog, underscoring the fact that liquidity would improve in the foreign exchange market.