Naira defies protests, records significant appreciation against dollar

The Central Bank of Nigeria reports that the country’s economy has received inflows totaling over $1.5 billion in the last few days.

In a statement released on Friday, Sidi Ali, the acting director of corporate communications, revealed this.

The rise in inflow, in her opinion, demonstrated that the CBN’s monetary policies are yielding results.

She noted that the bank’s efforts to stabilize the foreign exchange market were the cause of the inflow, based on data that was available to it.

Naira maintains N1,300 exchange rate against USD

According to Ali, the naira is trading at N1,309 per US dollar on the Autonomous Foreign Exchange market, up from N1,611/$1 in the second week of March 2024. The currency has also been making gains on the market.

The CBN recently held its 294th Monetary Policy Committee meeting to combat growing inflation, which agreed to raise the interest rate by 200 points to 24.75 percent from the previous 22.75 percent.

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