Real reason Nigerian economy recorded over $1.5bn inflow in days – CBN

The Nigerian economy has seen an inflow of more than $1.5 billion in recent days, according to the Central Bank of Nigeria.

The central bank said the development demonstrated that its monetary policy measures are effective.

The Bank’s Acting Director, Corporate Communications Department, Hakama Ali, made the claim on Thursday, noting that statistics available to the bank suggested that the inflows were the result of a deliberate effort to stabilize the foreign exchange market.

According to her, the naira has continued to strengthen in the Autonomous Foreign Exchange market, trading at N1,309/$1 versus N1,611/$1 in the second week of March 2024.

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While adding that Thursday’s rate indicated that the naira was heading in the right direction, she underlined that the Yemi Cardoso-led CBN remained dedicated to ensuring market stability and the appropriate pricing of the naira against other major currencies globally.

The development comes on the heels of the CBN’s Monetary Policy Committee (MPC) announcement of a two-percent increase in its benchmark rate, from 22.75 per cent to 24.75 per cent on March 26, 2024.

During his post-meeting briefing, the Governor, Olayemi Cardoso, also reiterated that the CBN had cleared all verified foreign exchange backlog, underscoring the fact that liquidity would improve in the foreign exchange market.

The Bank conducted the Nigerian Treasury Bills (NTBs) auction of N1.64trn on March 27, 2024, at stop rates of 16.24 per cent, 17 per cent, and 21.124 per cent for the 91-day, 182-day, and 364-day tenors, respectively.

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