Nigeria’s Economy Records Over $1.5bn Inflow

Nigeria’s Central Bank has today announced that the Nigerian economy had an inflow of over $1.5bn in the past few days, a development the apex bank says indicates its monetary policy efforts are working.

This was disclosed by the Bank’s Acting Director, Corporate Communications Department, Hakama Ali when she noted that data available to the bank, indicated that the inflows resulted from a concerted effort to stabilise the foreign exchange market.

According to her, 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.

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

Nigeria , Central Bank of Nigeria (CBN) , Foreign Exchange Market (FX Market) , Naira , Monetary Policy , Economic Inflow , Currency Stability

Dolupo Balogun

Written by Boom RadioNG