Nigeria’s Economy Records Over $1.5 Billion Inflow

The Central Bank of Nigeria (CBN) has said that it recorded an inflow of over $1.5 billion into the economy over the past few days.

The Acting Director of the Corporate Communications Department of the apex bank, Sidi Ali, made this known in a statement on Friday.

According to Ali, the CBN said the high inflow indicated that its monetary policy efforts are working positively.

She noted that data available to the bank indicated that the inflow resulted from the bank’s concerted effort to stabilise the foreign exchange market.

Ali said 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.

She noted that Thursday’s rate signified that the naira was headed in the right direction, assuring that the CBN remained committed to ensuring the stability of the market, and the appropriate pricing of the naira against other major currencies worldwide.

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.

Also, the apex 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.