CBN Reports Over $1.5 Billion Inflow, Naira Gains In Foreign Exchange Market

CBN Reports Over $1.5 Billion Inflow, Naira Gains In Foreign Exchange Market

The Central Bank of Nigeria (CBN) has announced a significant inflow of over $1.5 billion into the economy in recent days, indicating the positive impact of its monetary policy efforts. According to Sidi Ali, the Acting Director of the CBN’s Corporate Communications Department, this surge in inflow reflects the success of the bank’s measures aimed at stabilizing the foreign exchange market…..READ ALSO CBN Increases Minimum Capital Base For Banks

Ali highlighted that the influx of funds is a result of the CBN’s concerted efforts to ensure the stability of the foreign exchange market, leading to notable gains for the naira. She reported that the naira traded at N1,309/$1 in the Autonomous Foreign Exchange market, a substantial improvement from N1,611/$1 recorded in the second week of March 2024.

The CBN emphasized its commitment to maintaining market stability and ensuring appropriate pricing of the naira against other major currencies globally. This commitment aligns with recent actions taken by the bank, including a two-percent increase in its benchmark rate announced by the Monetary Policy Committee (MPC) on March 26, 2024.

Additionally, the CBN conducted a Nigerian Treasury Bills (NTBs) auction on March 27, 2024, totaling N1.64 trillion. The stop rates for the auction were set at 16.24 percent, 17 percent, and 21.124 percent for the 91-day, 182-day, and 364-day tenors, respectively.

This positive economic development underscores the effectiveness of the CBN’s policies in fostering economic stability and attracting foreign investment into Nigeria.

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