In the last few days, Nigeria’s economy has witnessed a remarkable influx of over $1.5 billion, as reported by the Central Bank of Nigeria. This positive development was revealed by Sidi Ali, the acting Director of Corporate Communications, in a statement released on Friday.
The surge in inflow is a clear indicator that the monetary policies implemented by the CBN are beginning to bear fruit. It was highlighted that data available to the bank confirmed that this inflow was a direct result of the bank’s concerted efforts to stabilize the foreign exchange market.
Ali also pointed out that the naira has been making significant gains in the Autonomous Foreign Exchange market, currently trading at N1,309 per US dollar compared to N1,611/$1 during the second week of March 2024.
During its 294th Monetary Policy Committee meeting, the CBN took the decision to raise the interest rate by 200 points to 24.75 per cent from the previous 22.75 per cent in order to address the escalating inflation concerns.