AGS NEWS – The Central Bank of Nigeria (CBN) has announced that over $1.5 billion flowed into the Nigerian 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 CBN, data from the bank indicates that these inflows are a result of concerted efforts to stabilize the foreign exchange market.

Ali also highlighted that the naira has continued to strengthen in the Autonomous Foreign Exchange market, trading at N1,309/$1 on Friday, compared to N1,611/$1 in mid-March 2024.

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Expressing optimism about the direction of the naira, Ali assured that the CBN, under the leadership of Governor Olayemi Cardoso, remains committed to maintaining market stability and ensuring appropriate currency pricing against other major currencies.

The CBN’s recent actions, including harmonizing the country’s exchange rate in June 2023 and raising the benchmark interest rate to 24.75% during its 294th Monetary Policy Committee (MPC) meeting, have drawn attention and concern from citizens and economic experts.