In a remarkable turn of events, the Central Bank of Nigeria (CBN) has announced a staggering $1.5 billion in foreign exchange (FX) inflow for the month of March, signaling the efficacy of its monetary policy measures.
Hakama Ali, the acting director of the CBN’s corporate communications department, disclosed this groundbreaking revelation in a statement released on March 29.
Ali attributed this impressive influx to the concerted efforts of the CBN in stabilizing the foreign exchange market, underscoring the positive impact of its monetary interventions.
Furthermore, Ali highlighted the strengthening position of the Naira in the autonomous foreign exchange market, noting that it traded at a commendable rate of N1,309/$1 on Thursday. This marks a significant improvement from the N1,611/$1 recorded in the second week of March 2024.
Emphasizing the forward trajectory of the Naira, Ali reiterated the unwavering commitment of Yemi Cardoso’s administration, the Governor of the CBN, towards ensuring market stability and the equitable pricing of the Naira against major global currencies.
Meanwhile, in a strategic move aimed at curbing inflation, the Monetary Policy Committee (MPC) of the CBN, on March 26, announced a hike in the Monetary Policy Rate (MPR) from 22.75 percent to 24.75 percent.
Despite this increase, Cardoso assured that the CBN remains cognizant of the broader economic implications, emphasizing the bank’s dual objective of managing inflation while fostering a vibrant foreign exchange market.
Cardoso highlighted the positive ripple effects of the interest rate adjustments, noting a livelier foreign exchange market which, in turn, has contributed to a reduction in exchange rate volatility and associated costs.
As Nigeria continues on its path towards economic recovery and stability, the CBN’s proactive measures and steadfast commitment to prudent monetary policies serve as a beacon of hope, heralding a promising future for the nation’s financial landscape. Stay tuned as Findwhosabi News keeps you updated on the latest developments shaping Nigeria’s economic trajectory.