Nigeria’s economy has seen a significant boost with a staggering $1.5 billion influx within a mere week subsequent to the Central Bank of Nigeria’s decision to raise the Monetary Policy Rate (MPR) by 200 basis points to 24.75 percent.
According to Mrs. Hakama Sidi Ali, Acting Director of the Corporate Communications Department at the Bank, this surge serves as a testament to the effectiveness of the CBN’s monetary policy measures. She underscored that meticulous data analysis by the Bank confirms that this surge is a direct outcome of strategic initiatives aimed at stabilizing the foreign exchange market.
Furthermore, the Naira has witnessed notable appreciation in the Autonomous Foreign Exchange market, trading at N1,309/$1 compared to N1,611/$1 in the second week of March 2024, signaling a positive trajectory. Mrs. Ali emphasized that this upward trend reflects the Naira’s resilience and alignment with global currency dynamics.
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Governor Olayemi Cardoso, in his post-meeting address, reiterated the CBN’s commitment to market stability and the optimal valuation of the Naira. He also highlighted the clearance of all verified foreign exchange backlog, indicating a forthcoming improvement in liquidity within the foreign exchange market.
In another move to bolster economic operations, the CBN conducted a successful Nigerian Treasury Bills (NTBs) auction, garnering a substantial N1.64 trillion at stop rates of 16.24%, 17%, and 21.124% for the 91-day, 182-day, and 364-day tenors, respectively.
These developments underscore Nigeria’s resilience and proactive economic management under the stewardship of the Central Bank, paving the way for sustained growth and stability in the nation’s financial landscape.
