Business

Nigeria economy rakes in $1.5bn inflow in days

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.

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.

Please don’t forget to “Allow the notification” so you will be the first to get our gist when we publish it. 
Drop your comment in the section below, and don’t forget to share the post.

Jonathan Nwokpor

View Comments

Recent Posts

VIDEO: Mum of 4 shames ex-husband who said she won’t find another man, flaunts ring

Keep up with latest news and be part of our weekly giveaways and airtime sharing,…

2 minutes ago

VIDEO: The snake is still in the room – 17 year-old boy frustrated over ritual gone wrong

Keep up with latest news and be part of our weekly giveaways and airtime sharing,…

7 minutes ago

VIDEO: Dispatch rider who was sent to deliver a bowl of catfish and banga soup eats it all

Keep up with latest news and be part of our weekly giveaways and airtime sharing,…

11 minutes ago

‘How my husband assaulted me, ruined my career’ – Model Olajumoke Onibread

Keep up with latest news and be part of our weekly giveaways and airtime sharing,…

5 hours ago

Defence Chief, Gen Musa reacts to Simon Ekpa’s arrest, reveals next plan

Keep up with latest news and be part of our weekly giveaways and airtime sharing,…

5 hours ago

What I know about Mike Adenuga’s death rumour- Momodu

Keep up with latest news and be part of our weekly giveaways and airtime sharing,…

5 hours ago