Central Bank of Nigeria
says Nigeria recorded over $1.5 billion inflow into the economy in the past few
days.
Sidi Ali, the acting
Director of Corporate Communications, disclosed this in a statement.
According to her, the
increase in inflow showed that CBN’s monetary policies are yielding results.
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,
trading at N1,309 per US dollar against N1,611/$1 in the second week of March
2024.
Recently, the CBN held its 294th Monetary Policy Committee
meeting, where it decided to increase the interest rate by
200 points to 24.75 per cent from the previous 22.75 per cent to
tackle rising inflation.
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