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Nigeria gets $1.5 billion from foreign investors after March’s MPC meeting 

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The Central Bank of Nigeria (CBN) has announced a significant inflow of over $1.5 billion into the Nigerian economy, a development that underscores the effectiveness of its monetary policy strategies.  

Mrs Hakama Sidi Ali, the Bank’s Acting Director of Corporate Communications Department, highlighted this achievement on Thursday, March 28, 2024, attributing the success to the CBN’s efforts to stabilize the foreign exchange market. 

According to a statement from the apex bank, data presented by Sidi Ali indicates that the inflows are a direct result of the CBN’s initiatives aimed at ensuring liquidity and stability within the foreign exchange market. This influx of funds is a clear indication that the measures put in place by the CBN are beginning to bear fruit, reflecting positively on the Nigerian economy. 

The statement read: 

In a further testament to the CBN’s successful policies, the Naira has seen appreciable gains in the Autonomous Foreign Exchange market. As of the latest trading sessions, the Naira was valued at N1,309 against the US dollar, a significant improvement from its rate of N1,611/$1 in the second week of March 2024. 

This recovery in the Naira’s value is seen as a step in the right direction, according to Mrs. Ali, who also assured that the leadership under Mr. Olayemi Cardoso remains dedicated to maintaining market stability and ensuring the Naira’s competitive pricing against other major global currencies. 

The statement noted: 

Further highlighting the CBN’s proactive monetary interventions, the Bank successfully conducted an auction of Nigerian Treasury Bills (NTBs) worth N1.64 trillion on Wednesday, March 27, 2024.

The auction saw stop rates of 16.24%, 17%, and 21.124% for the 91-day, 182-day, and 364-day tenors, respectively. This move is part of the broader strategy to manage liquidity in the financial system effectively. 

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