Nigeria recorded over $1.5bn FX inflow in March, says CBN

Meanwhile, the monetary policy committee (MPC) of the CBN,
on March 26, raised the monetary policy rate (MPR), which benchmarks interest
rates, from 22.75 percent to 24.75 percent in a bid to rein inflation.

The committee also retained the cash reserve ratio (CRR) at
45 percent and the liquidity rate at 30 percent.

Speaking on the rationale behind the increase, Cardoso said
the major objective of the CBN is to manage inflation, but said the bank is not
“unmindful of the impact that the interest rate increases are having”.

Cardoso said with the interest rate increases, the foreign
exchange market “becomes a lot more lively” — a situation the CBN governor said
is reducing the exchange rate and cost.