Nigeria records US$1,5bn inflow in a week

In a remarkable turn of events, Nigeria’s economy has witnessed a sudden surge with a staggering US$1,5 billion influx within just a week. 

The Central Bank of Nigeria (CBN) has taken centre stage in orchestrating this financial boost, strategically injecting funds to stabilise the country’s foreign exchange market. 

As the naira gains strength, trading at N1 309/US$1, following the CBN’s interventions, there’s a palpable sense of optimism about the nation’s economic trajectory.

The apex bank’s acting director of the Corporate Communications Department, Mrs Sidi Ali, made the disclosure via a statement, as seen in the Nigerian newspaper, The Punch.

She relayed that this inflow is a result of the bank’s methodical plan to stabilise the foreign exchange market. According to the Acting Director, the country’s currency, the naira has continued to strengthen in the Autonomous Foreign Exchange market, trading at N1 309/US$1 on Friday, up from N1 611/US$1 in the second week of March 2024. On Thursday he CBN indicated that the naira may continue on its positive trend as currency traders were sold US dollars by the country’s central bank at a more favourable rate.

The central bank in return requested that the currency traders sell no more than 1,5 percent above the purchase price.

The Bureau De Change (BDC) operators had acquired the dollar for N1 251/US$, from the apex bank. This is in line with the bank’s promise back in February to sell US$20 000 weekly to BDCs for no more than N1 301.

At his post-meeting conference, the bank’s governor Mr Olayemi Cardoso maintained that the central bank had cleared all confirmed foreign exchange backlogs, implying that liquidity in the foreign exchange market will increase. — Business Insider Africa.