The Central Bank of Nigeria (CBN) has revealed that the Nigerian economy experienced a $1.5 billion foreign exchange influx shortly after the Monetary Policy Committee (MPC) meeting, signalling optimism regarding the country’s foreign exchange market.
According to Mrs Hakama Sidi Ali, Acting Director of Corporate Communications for the CBN, this encouraging development is attributed to the CBN’s ongoing monetary policy endeavours aimed at stabilizing the foreign exchange market. Data indicates that these inflows are a direct outcome of the CBN’s initiatives, resulting in the appreciation of the Naira within the Autonomous Foreign Exchange (AFEX) market. As of Thursday, March 28th, 2024, the Naira traded at N1,309/$1, marking a significant
CBN reports over $1.5bn Forex Inflow
