The Nigerian economy experienced a significant inflow of $1.5 billion 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 Sidi Ali, the Acting Director of the Corporate Communications Department at the Bank, disclosed this in Abuja yesterday, highlighting that the influx of funds was a positive indication of the effectiveness of CBN’s monetary policy measures.
She attributed the inflows to the Bank’s concerted efforts to stabilize the foreign exchange market, citing data showing the Naira’s gains in the Autonomous Foreign Exchange market, trading at N1,309/$1 compared to N1,611/$1 in the second week of March 2024.
Ali emphasized that the Naira’s trajectory signified a positive trend and assured that the Cardoso-led CBN remained committed to market stability and appropriate pricing of the Naira against major currencies globally.
Recalling the recent Monetary Policy Committee (MPC) meeting where the benchmark rate was raised by two percent, Governor Olayemi Cardoso reiterated the CBN’s efforts to clear verified foreign exchange backlogs, anticipating improved liquidity in the foreign exchange market.
Additionally, the CBN conducted the Nigerian Treasury Bills (NTBs) auction on Wednesday, March 27, 2024, amounting to N1.64 trillion, with stop rates set at 16.24%, 17%, and 21.124% for the 91-day, 182-day, and 364-day tenors, respectively.
