The Nigerian economy has witnessed a remarkable influx of $1.5 billion within just one week following the Central Bank of Nigeria’s (CBN) decision to raise the Monetary Policy Rate (MPR) by 200 basis points to 24.75 percent on Tuesday.

Mrs. Hakama Sidi Ali, Acting Director of the Corporate Communications Department at the CBN, announced this development in Abuja yesterday, emphasizing that it underscores the positive impact of the CBN’s monetary policy initiatives.

Ali highlighted that the inflows were a result of the CBN’s concerted efforts to stabilize the foreign exchange market. She further noted a significant improvement in the Naira’s performance in the Autonomous Foreign Exchange market, where it traded at N1,309/$1 compared to N1,611/$1 in the second week of March 2024.

She assured stakeholders that under the leadership of Governor Olayemi Cardoso, the CBN remains steadfast in ensuring market stability and appropriate Naira pricing against major currencies worldwide.

The recent increase in the MPR, announced by the CBN’s Monetary Policy Committee (MPC), reflects the bank’s proactive stance. Governor Olayemi Cardoso reiterated during the post-meeting briefing that the CBN had successfully cleared all verified foreign exchange backlogs, promising improved liquidity in the foreign exchange market.

In a related development, the CBN conducted a Nigerian Treasury Bills (NTBs) auction totaling N1.64 trillion on Wednesday, March 27, 2024, with stop rates of 16.24%, 17%, and 21.124% for the 91-day, 182-day, and 364-day tenors, respectively.