The Central Bank of Nigeria (CBN) on Friday announced the inflow of $1.5 billion foreign exchange into the country in the month of March  

The Acting Director of Corporate Communications of the CBN, Mrs. Hakama Sidi Ali, attributed the nflows to the various CBN’s initiatives to stabilise the foreign exchange market.

The Naira has recorded some appreciable recovery in the Autonomous Foreign Exchange (AFEX) market in the last few days.

As at Thursday, March 28, 2024 the Naira traded at N1,309/$1; a significant improvement compared to N1,611/$1 in the second week of March.

Mrs. Ali stressed the CBN’s commitment to maintaining exchange rate stability and ensuring the Naira reflects its appropriate value against other major global currencies.

This development, she noted, “aligns with Governor Olayemi Cardoso’s recent pronouncements following the Monetary Policy Committee (MPC) meeting on March 26, 2024”