The Central Bank of Nigeria has announced a significant inflow of over $1.5 billion into the economy in recent days, signaling the effectiveness of its monetary policy measures.
According to Mrs. Sidi Ali, the acting Director of the Corporate Communications Department at the bank, this influx underscores the success of the bank’s efforts to stabilize the foreign exchange market. In a statement released to The PUNCH on Friday, Ali highlighted the data revealing the substantial inflow resulting from the bank’s interventions.
Ali further noted that the Nigerian naira has continued to strengthen in the Autonomous Foreign Exchange market, trading at N1,309 per dollar, a notable improvement from N1,611 per dollar recorded in the second week of March 2024.
On the official Nigerian Autonomous Foreign Exchange Market (NAFEM), the exchange rate between the naira and dollar closed at N1,534 per dollar on Monday, February 12, 2024. This current value reflects a significant appreciation of the naira.
The Central Bank of Nigeria recently concluded its 294th Monetary Policy Committee meeting, during which it decided to raise the interest rate by 200 basis points to 24.75 per cent from the previous 22.75 per cent. This move underscores the bank’s commitment to implementing necessary measures to ensure economic stability and mitigate inflationary pressures.
The positive indicators presented by the influx of foreign exchange and the strengthening of the naira signal promising developments for Nigeria’s economy. The Central Bank’s proactive stance and decisive policy actions continue to play a crucial role in steering the country towards sustainable economic growth and stability.