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CBN’s Monetary Tightening Yields $1.5bn Inflows, Naira Strengthens To N1,309/$1

The CBN says the naira trading at N1,309/$1 indicates the currency is headed in the right direction.

The CBN has disclosed that the economy attracted over $1.5 billion due to the bank’s monetary tightening stance which has continued to be appreciated by foreign investors.

The apex bank, in a statement issued by Ali, stated that available data indicated that the inflows resulted from the bank’s concerted effort to stabilise the foreign exchange (FX) market.

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

She pointed out that Thursday’s rate signified that the local currency was headed in the right direction, assuring that the Cardoso-led central bank would remain committed to ensuring the stability of the market and the appropriate pricing of the Naira against other major currencies worldwide.

James Emejo and Dike Onwuamaeze

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