Nigeria’s Economy Records Over $1.5bn Inflow, Says CBN

Related stories

As the US, UAE Close its Doors, FG Pledges Diplomatic Resolution

Retired Envoys: Without Ambassadors, Nothing 'll change By Abiola...

What NATO Countries Spend on Military, Health, and Education

Key Takeaways Currently, every NATO member spends less on their military...

Nigeria: Flying Blind In The Global Space

By Owei Lakemfa The United States, US, government of...

Is the world shutting its door on Nigeria?, By Dakuku Peterside

Visa restrictions are more than bureaucratic hurdles. They are...

[VIDEO] End of an Era!Tears as Buhari is Laid to Rest in Daura

https://m.youtube.com/watch?v=yElAG5mJUbA&pp=ygUYUHJlc2lkZW50IGJ1aGFyaSBidXJpZWQg By Abiola Olawale In a solemn moment, Nigeria has bid...

By Abiola Olawale

The Central Bank of Nigeria (CBN), on Friday, has disclosed that there has been a total of $1.5bn inflow into the Nigerian economy.

The Bank’s Acting Director of the Corporate Communications Department, Hakama Ali, made this known on Friday, asserting that the development indicates the CBN’s monetary policy efforts are working.

She further disclosed that data available to the bank indicated that the inflows resulted from a concerted effort to stabilize 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 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 market’s stability, and the appropriate pricing of the naira against other major currencies worldwide.

The New Diplomat reports that this latest 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 percent to 24.75 percent on March 26, 2024.

Announcing the rate during a post-meeting briefing, the CBN Governor, Olayemi Cardoso, said the bank’s decision was intended to stabilize the economy by bringing the interest rate at par with the current inflation in the country, stating that the increase would not be long.

The apex bank had also conducted the Nigerian Treasury Bills (NTBs) auction of N1.64trn on March 27, 2024, at stop rates of 16.24 percent, 17 percent, and 21.124 percent for the 91-day, 182-day, and 364-day tenors, respectively.

The New Diplomat
The New Diplomathttps://newdiplomatng.com/
At The New Diplomat, we stand for ethical journalism, press freedom, accountable Republic, and gender equity. That is why at The New Diplomat, we are committed to speaking truth to power, fostering a robust community of responsible journalism, and using high-quality polls, data, and surveys to engage the public with compelling narratives about political, business, socio-economic, environmental, and situational dynamics in Nigeria, Africa, and globally.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

NDN
Latest News
As the US, UAE Close its Doors, FG Pledges Diplomatic ResolutionWhat NATO Countries Spend on Military, Health, and EducationNigeria: Flying Blind In The Global SpaceIs the world shutting its door on Nigeria?, By Dakuku Peterside[VIDEO] End of an Era!Tears as Buhari is Laid to Rest in DauraEnd of an Era: Massive Security Presence in Katsina as Nigerians Prepare for Buhari’s FarewellFemi Adesina Counters Critics, Says Buhari Would 've Died Before Now if He Used local HospitalsTribute To The Late Former President, Muhammadu Buhari GCFR[PHOTOS]Buhari: Tinubu Arrives Katsina for State BurialBreaking! Buhari’s Remains Arrive in Nigeria as Political Elites Gather in Daura for BurialEnd of an Era!Buhari's Remains depart London for Nigeria for Full State BurialOba Adetona's Burial: Fierce Race for Next Awujale of Ijebuland CommencesBuhari had no property in the UK, says Femi AdesinaBuhari: FG declares Tuesday as Public Holiday Details as FG Declares Tuesday a Public Holiday to Honor Buhari
X whatsapp