The Central Bank of Nigeria has said that it recorded an inflow of over $1.5 bn into the economy over the past few days, indicating that its monetary policy efforts are working positively.
The Director, Corporate Communications Department, Mrs. Sidi Ali, made the assertions in a statement on Friday.
She noted that data available to the bank indicated that the inflow resulted from the bank’s effort to stabilise the foreign exchange market.
Ali said the naira has also continued to record gains in the Autonomous Foreign Exchange market as it traded at N1,309/$1 as against N1,611/$1 in the second week of March 2024.
The exchange rate between the naira and dollar closed at N1,534/$1 on the official NAFEM market on Monday, February 12, 2024. The current value of the naira shows a considerable appreciation.
While noting that Thursday’s rate signified that the Naira was headed in the right direction, 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.
