According to the Central Bank of Nigeria, the Nigerian economy had an inflow of over $1.5bn in the past few days, which the apex bank claims is a testament that the CBN’s monetary policy efforts are yielding.
Hakama Ali, CBN’s Acting Director, Corporate Communications Department, made the disclosure on Thursday when she said that data available to the bank indicated that the inflows resulted from a coordinated effort to stabilise the foreign exchange market.
The naira has also continued to record gains in the Autonomous Foreign Exchange market, as it traded at ₦1,309/$1 as against ₦1,611/$1 in the second week of March 2024, according to her.
Not the one to be carried away, she assured that the Yemi Cardoso-led CBN remained dedicated to ensuring the stability of the market, and the appropriate pricing of the naira against other major currencies worldwide.