Nigeria Economy Hits $1.5bn In Days -  CBN

The Central Bank of Nigeria has disclosed that over $1.5bn came into the Nigerian economy over the past few days.

This is an indication of an effective monetary policy effort, the apex bank stated.

The CBN’s Acting Director of Corporate Communications Department, Mrs Sidi Ali, disclosed this in a statement Friday.

She noted that data available to the bank indicated that the inflows resulted from its concerted effort to stabilise the foreign exchange market.

According to Ali, the naira has also continued to record gains in the Autonomous Foreign Exchange market as it traded at N1,309/$1 on Friday against N1,611/$1 in the second week of March 2024.

Ali assured that the Cardoso-led CBN would remain committed to ensuring the stability of the market and the appropriate pricing of the Naira against other major currencies worldwide.

The CBN harmonised the country’s exchange rate on June 14, 2023, causing naira to weaken to over 1,600/$ at the official market.