The Central Bank of Nigeria (CBN) has announced a substantial boost to the Nigerian economy, reporting a foreign exchange (Forex) influx of $1.5 billion. This surge occurred just two days following the conclusion of the Monetary Policy Committee (MPC) meeting, marking a notable achievement in the country’s economic landscape.
This remarkable influx is a testament to the efficacy of the CBN’s strategic monetary policies. The CBN expresses confidence in the ongoing health and stability of Nigeria’s foreign exchange market, attributing this success to its proactive monetary strategies.
Mrs Hakama Sidi Ali, the Acting Director of Corporate Communications at the CBN, provided insights into the origins of these inflows. According to her, the impressive Forex entry can be directly linked to the Central Bank’s dedicated efforts to encourage stability within the foreign exchange market.
This commitment has paid off, as reflected in the significant appreciation of the Naira against the dollar in the Autonomous Foreign Exchange (AFEX) market. As of Thursday, March 28th, 2024, the exchange rate stood at N1,309/$1, showcasing a remarkable recovery from N1,611/$1 recorded in the second week of March.
Mrs Ali took this opportunity to reaffirm the CBN’s steadfast dedication to ensuring the Naira’s stability and fair valuation against other major global currencies. This ongoing focus aligns seamlessly with Governor Olayemi Cardoso’s recent declarations after the MPC meeting on March 26th, 2024.
