Nigeria’s Economy Receives $1.5 Billion Inflows Within One Week

The Acting Director of the Corporate Communications Department of the apex bank, Mrs. Sidi Ali, disclosed that there has been a significant inflow of dollars into the Nigerian foreign exchange market. This influx is part of the central bank’s deliberate efforts to stabilize the foreign exchange market. As a result of these efforts, the country’s currency, the naira, has continued to strengthen in the Autonomous Foreign Exchange market. The naira was trading at N1,309/$1 on Friday, up from N1,611/$1 in the second week of March 2024.

The Central Bank of Nigeria (CBN) indicated on Monday that the naira is likely to maintain its positive momentum, as currency traders were able to purchase US dollars from the central bank at a more favorable rate. Bureau De Change (BDC) operators bought the dollar for N1,251/$ from the apex bank, in line with the bank’s commitment made in February to sell $20,000 weekly to BDCs for no more than N1,301.

During a post-meeting press conference, the CBN governor, Mr. Olayemi Cardoso, confirmed that the central bank has cleared all confirmed foreign exchange backlogs, indicating an increase in liquidity in the foreign exchange market. However, in March, the Central Bank raised the country’s interest rate from 22.75% to 24.75%. Private-sector operators expressed concerns that this hike could potentially accelerate inflation and lead to significant job losses.

Mr. Cardoso acknowledged these concerns but also noted that the decrease in the foreign exchange rate would help mitigate the impact of the interest rate hike on the economy. He emphasized the need for collaboration between monetary and fiscal policies to ensure sustainable economic growth. The governor expressed optimism that the exchange rate would continue to moderate and stabilize at a sustainable level, with both sides working together to achieve this goal.

By Samantha Robertson

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