CBN announces over $1.5 billion forex inflow into Nigeria

The Central Bank of Nigeria (CBN) has disclosed that the Nigerian economy witnessed a $1.5 billion foreign exchange inflow into the country two days after the Monetary Policy Committee (MPC) meeting.

By this development, the CBN is optimistic about the health of the foreign exchange market in Nigeria.

The Central Bank of Nigeria (CBN) has announced a substantial foreign exchange (forex) inflow of over $1.5 billion into the country.

The influx of foreign currency comes two days after the Monetary Policy Committee (MPC) announced an increment in the interest rate benchmark by 200 basis points to 24.75% from 22.75%.

CBN increases forex inflow

Hakama Sidi Ali, Acting Director of Corporate Communications for the CBN, who disclosed this, stated that the positive development CBN said is a direct result of its ongoing monetary policy efforts.

CBN added that data shows that the inflows stemmed from the CBN’s initiatives to stabilize the foreign exchange market, the Nation reports.

Her words: “This development aligns with Governor Olayemi Cardoso’s recent pronouncements following the Monetary Policy Committee (MPC) meeting on March 26th, 2024”.

Naira to dollar exchange rate

In the last few weeks, the naira has appreciated both the unofficial and Autonomous Foreign Exchange (AFEX) markets.

As of Thursday, March 28th, 2024, the naira traded at N1,309/$1 in the official market compared to N1,611/$1 it was the second week of March.