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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.
Mrs. Sidi Ali, the acting Director of the Corporate Communications Department at the CBN, stated in a statement released to The PUNCH on Friday that the inflow was a result of the bank’s efforts to stabilize the foreign exchange market.
Ali highlighted that the Nigerian Naira has also continued to strengthen in the Autonomous Foreign Exchange market, trading at N1,309/$1 compared to N1,611/$1 in the second week of March 2024. This represents a considerable appreciation in the value of the Naira.
The official exchange rate between the Naira and the dollar closed at N1,534/$1 on the official Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, February 12, 2024.
The CBN recently conducted a Nigerian Treasury Bills auction worth N1.64 trillion, with stop rates of 16.24 per cent, 17 per cent, and 21.124 per cent for the 91-day, 182-day, and 364-day tenors, respectively.
Despite concerns raised by citizens and economic experts following the decision to increase the interest rate by 200 basis points to 24.75 per cent during its 294th Monetary Policy Committee meeting, CBN Governor Olayemi Cardoso emphasized that the move aimed to stabilize the economy by aligning the interest rate with current inflation levels. He reassured that the increase would not be prolonged.