Nigeria’s Economic Surge: CBN Reports Inflow Exceeding $1.5 Billion
Written by Deborah Oyinloye on March 30, 2024
The Central Bank of Nigeria (CBN) has announced a significant boost to Nigeria’s economy, with an inflow surpassing $1.5 billion in recent days. This positive development underscores the effectiveness of the CBN’s monetary policy initiatives in stabilizing the foreign exchange market.
Hakama Ali, the Acting Director of the Corporate Communications Department at the CBN, commented on this encouraging trend, stating, “The inflows we’ve observed are a testament to our concerted efforts to stabilize the foreign exchange market.”
Ali also highlighted the strengthening performance of the naira in the Autonomous Foreign Exchange market. She pointed out that the naira traded at N1,309/$1, marking a notable improvement from N1,611/$1 recorded in the second week of March 2024. “This upward trajectory indicates that the naira is moving in the right direction,” Ali affirmed.
She further reassured stakeholders that the CBN, under the leadership of Governor Yemi Cardoso, remains steadfast in its commitment to ensuring market stability and maintaining appropriate naira valuations against major global currencies.
The recent economic uptick follows the CBN Monetary Policy Committee (MPC) announcement of a two-percent hike in its benchmark rate, raising it from 22.75% to 24.75% on March 26, 2024. Governor Olayemi Cardoso emphasized during a post-meeting briefing that the CBN has successfully cleared all verified foreign exchange backlogs. This clearance is expected to further improve liquidity in the foreign exchange market.
In a related development, the CBN conducted a Nigerian Treasury Bills (NTBs) auction on March 27, 2024, raising N1.64 trillion at stop rates of 16.24%, 17%, and 21.124% for the 91-day, 182-day, and 364-day tenors, respectively.
FOLLOW OUR SOCIAL MEDIA CHANNELS:
- WhatsApp channel: Shiloh Media Advertising
- Facebook: Shiloh Media
- Twitter: Shiloh Media
- Instagram: Shiloh Media
- YouTube: Shiloh Media
Author: Deborah Oyinloye
With an interest in media, Deborah aims to impart the lives of people positively.
Etseoghena On March 30, 2024 at 7:41 pm
Hmmm
Grace Essien On April 1, 2024 at 8:14 am
Alright oo, we watching