MPC: Nigerian economy records $1.5bn inflow – CBN

The Central Bank of Nigeria (CBN) has said the inflow of over $1.5 billion into the economy over the past few days indicates that its monetary policy efforts are working positively. The bank’s acting Director of Corporate Communications Department, Mrs Hakama Sidi Ali, disclosed this yesterday in a statement in Abuja.

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

According to her, 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 the rates signified that the naira was headed in the right direction, she assured that the Cardosoled CBN would remain committed to ensuring the stability of the market and the appropriate pricing of the naira against other major currencies worldwide.

It would be recalled that the CBN’s Monetary Policy Committee (MPC) announced a two-per cent increase in its benchmark rate from 22.75 per cent to 24.75 per cent on March 26, 2024.

During his post-meeting briefing, the governor, Mr 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 N1.64 trillion on March 27, 2024 at stop rates of 16.24 per cent, 17% and 21.124 per cent for the 91-day, 182day and 364-day tenors respectively.

Daily Trust Saturday reports that the CBN announced that it has cleared all verified forex claims in the country.