The Nigerian economy had an inflow of over $1.5bn in the past few days.

This, according to the Central Bank of Nigeria (CBN) indicates that its monetary policy efforts are working.

The Bank’s Acting Director, Corporate Communications Department, Hakama Ali, stated these in a statement on Friday.

Ali noted that data available to the bank, indicated that the inflows resulted from a concerted effort to stabilise the foreign exchange market.

She said the naira has also continued to record gains in the Autonomous Foreign Exchange market, as it traded at N1,309/$1 as against N1,611/$1 in the second week of March 2024.

Ali noted that Thursday’s rate signified that the naira was headed in the right direction.

She assured that the Yemi Cardoso-led CBN remained committed to ensuring the stability of the market, and the appropriate pricing of the naira against other major currencies worldwide.

This comes on the heels of the CBN’s Monetary Policy Committee (MPC) announcement of a two-percent increase in its benchmark rate, from 22.75 per cent to 24.75 per cent on March 26, 2024.

The Governor, Olayemi Cardoso, during his post-meeting briefing, also reiterated that the CBN had cleared all verified foreign exchange backlog, underscoring the fact that liquidity would improve in the foreign exchange market.

On March 27, 2024, the Bank conducted the Nigerian Treasury Bills (NTBs) auction of N1.64trn, at stop rates of 16.24 per cent, 17 per cent, and 21.124 per cent for the 91-day, 182-day, and 364-day tenors, respectively.

The decision to increase the interest rate raised lots of concern among citizens and economic experts.

But Cardoso said the bank’s decision was intended to stabilise the economy by bringing the interest rate at par with the current inflation in the country.

The governor said: “While the increase in interest rate may have tendencies toward strangulating the economy, with the foreign exchange rate coming down, that also helps to moderate it overall.

“And as I said earlier, you would expect that this would not be too long drawn; at least I would hope so. We are getting towards a situation where the exchange rate is moderating, and we are expecting it to moderate, and then it finds a level that, quite frankly, is sustainable.

“This would involve huge collaboration with the fiscal side because a lot of that cannot just rely on the monetary side alone.”

Nackzy:
Audio, any policy that doesn't have positive effect on it's citizens is null and void

rinzaugustine:
Useless propaganda

ElSudani:
Another devastating news to the enemies of Nigeria.
Another wave of japa is coming! The economy will grow so strong some people out of anger will decide to leave Nigeria.

helinues:
Good.

helinues:


Bro, is it true that the price of Flagyl in Nigeria have increased by 50%? The born enemies of Nigeria might have caused the price increase as all the good news coming out from right and left have been making them to shit their intestines.

Chai, poor them. Those good news are just in the making, hope we won't have shortage of Flagyl in Nigeria after some months..

LagosFirstSon:

Deep down, you know this news is mere propaganda by the "Oniro" government of Nigeria

helinues:


Heheh, so you are one of those who have contributed to the ridiculous high price of Flagyl.

Like how many do you take in a day, I dey sure say this particular news , you go need nothing less than 3 to stop the purging..

ElSudani:


My brother Flagyl is good, I hope they don't graduate to SNIPER.
What a bunch of traitors masquerading as opposition.
Political opposition is one thing, outright hate for your country is another thing.

LagosFirstSon:

Lol .. I always pray for this country to succeed

helinues:


Post just one screenshot where you have ever appreciated all the efforts been made by his Excellency Tinubu.

I do not ask for 2 or 3, just 1, either you shame me tonight or I shame you biggerly.

Only if you would respond accordingly without derailing

LagosFirstSon:

Unfortunately, Tinubu is yet to impress sane minds since his inception as president

LagosFirstSon:

Lol .. I always pray for this country to succeed

helinues:


So if you have never wished the president the succeed, how then can you say you are praying for the country to succeed.. That's contradictory

LagosFirstSon:

I was a teenager when Tinubu was governor of Lagos and I could remember that he usually goes to his alausa office through 7up bottling company way along Doherty way.

I remember how I used to stand under the sun to watch him go to late kudirat abiola cenotaph around this same route along 7up way Ikeja every June 12 .

I grew up knowing Tinubu more than most of you here .

Then, Tinubu official car w Mercedes G-wagon.

I've gotten close to Tinubu than most of you , so you see, I do not hate him. I think he's too old to pilot the affair of this country .

helinues:




Had it been it was bad news about Nigeria, there wouldn't have been questioning.

Una go all dey alive to witness the progress of Nigeria. Una go even tell una grand kids self that initially I was pessimistic

helinues:


Okay

So now, if you are to compare president Tinubu with either former governors or current governor from your home state, which of them can you boast of performing more than his Excellency Tinubu?

LagosFirstSon:

Tinubu didn't develop Lagos , Col. Buba Marwa laid the Lagos development foundation .