The Central Bank of Nigeria says Nigeria recorded over $1.5 billion inflow into the economy in the past few days.
CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali said that the data showed that the inflows stemmed from CBN’s initiatives to stabilize the foreign exchange market.
She reiterated CBN’s unwavering commitment to maintaining exchange rate stability and ensuring the Naira reflects its appropriate value against other major global currencies.
Ali stated that the development “aligns with Governor Olayemi Cardoso’s recent pronouncements following the Monetary Policy Committee (MPC) meeting on March 26th, 2024.
She noted that data available to the bank indicated that the inflow resulted from the bank’s effort to stabilise the foreign exchange market.
Ali said the naira has also continued to record gains in the Autonomous Foreign Exchange market, trading at N1,309 per US dollar against N1,611/$1 in the second week of March 2024.
