Two days after its Monetary Policy Committee (MPC) meeting, the Central Bank of Nigeria (CBN) has announced a $1.5 billion influx of foreign exchange into the country.
According to Mrs. Hakama Sidi Ali, the Acting Director of Corporate Communications at CBN, the data indicates that the inflow is a result of the bank’s initiatives aimed at stabilizing the foreign exchange market. Ali reiterated CBN’s steadfast commitment to maintaining exchange rate stability and ensuring that the Naira reflects its appropriate value against other major global currencies.
She further highlighted that this development aligns with the recent pronouncements made by Governor Olayemi Cardoso following the MPC meeting held on March 26th, 2024.
