Emma Ujah, Abuja Bureau Chief, reported that the Nigerian economy experienced a $1.5 billion inflow 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 Bank’s Acting Director of Corporate Communications Department, stated in Abuja that this development indicated the positive impact of CBN’s monetary policy efforts. She highlighted that the inflows were a result of the Bank’s efforts to stabilize the foreign exchange market.

She further mentioned that the Naira has been gaining strength in the Autonomous Foreign Exchange market, trading at N1,309/$1 compared to N1,611/$1 in the second week of March 2024. This improvement suggests that the Naira is moving in the right direction.

Mrs. Ali assured that the Cardoso-led CBN would remain dedicated to ensuring market stability and appropriate pricing of the Naira against other major currencies worldwide.

The CBN’s Monetary Policy Committee (MPC) announced a two-percent increase in its benchmark rate from 22.75% to 24.75% during their meeting. Governor Olayemi Cardoso reiterated that the CBN had addressed all verified foreign exchange backlog, which would improve liquidity in the foreign exchange market.

Additionally, the CBN conducted the Nigerian Treasury Bills (NTBs) auction of N1.64 trillion on Wednesday, March 27, 2024, at stop rates of 16.24%, 17%, and 21.124% for the 91-day, 182-day, and 364-day tenors, respectively.