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The Nigerian economy recorded $1.5 billion inflow within a week after the Central Bank of Nigeria (CBN) raised the Monetary Policy Rate (MPR) by 200 basis points to 24.75 percent on Tuesday.
Mrs Hakama Ali, the apex bank’s Acting Director, Corporate Communications Department, disclosed this on Thursday when she said that data available to the bank, indicated that the inflows resulted from a strong effort to stabilise the foreign exchange market.
According to Hakama, 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.
While noting that Thursday’s rate signified that the Naira was headed in the right direction, she assured that the Yemi Cardoso-led CBN remained committed to ensuring the stability of the market, and the appropriate pricing of the naira against other major currencies worldwide.
The development comes on the heels of the CBN’s Monetary Policy Committee (MPC) announcement of a two-percent increase in its benchmark rate, from 22.75 per cent to 24.75 per cent on March 26, 2024.
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During his post-meeting briefing, the Governor, Olayemi Cardoso, also reiterated that the CBN had cleared all verified foreign exchange backlog, underscoring the fact that liquidity would improve in the foreign exchange market.
The Bank conducted the Nigerian Treasury Bills (NTBs) auction of N1.64trn on March 27, 2024, at stop rates of 16.24 per cent, 17 per cent, and 21.124 per cent for the 91-day, 182-day, and 364-day tenors, respectively.
