• Tuesday, June 18, 2024
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Nigeria’s economy gets $1.5 billion inflow days after MPC meeting, says CBN 

Why we should protect the independence of the Central Bank

The Central Bank of Nigeria has revealed that the country’s economy had seen over $1.5 billion inflow in the past few days, signaling significant yields as the apex Bank continues efforts in its monetary policy reforms.

The Bank’s acting director, Corporate Communications Department, Hakama Ali, made the assertion on Thursday when she noted that data available to the bank, showed that the inflows resulted from a concerted effort to stabilise 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 remained committed to its core mandate: price stability, and ensuring that the naira regains its value against other major currencies worldwide.

The development comes on the heels of the CBN’s Monetary Policy Committee (MPC) announcement of a 200 basis  points increase in its benchmark rate, from 22.75 per cent in February to 24.75 per cent on March 26, 2024, amounting to a record 600 bps in one month.

The move, according to experts, is aimed at stemming the tide of the inflationary trend which reached a record at 31.7 in February while assuring investors of a viable and sustainable economic environment.