The Central Bank of Nigeria (CBN) has announced a significant inflow of over $1.5 billion foreign investments into the Nigerian economy, describing the surge in inflows to the effectiveness of its monetary policy strategies.
The apex bank’s Acting Director of Corporate Communications Department, Mrs Hakama Sidi Ali, in a statement on Thursday, attributed the increasing interest of foreign investors in the nation’s economy largely to the CBN’s efforts to stabilize the foreign exchange (FX) market.
According to her, the inflows are a direct result of the CBN’s initiatives aimed at ensuring liquidity and stability within the FX market.
She stated: “The Central Bank of Nigeria (CBN) says the inflow of over $1.5 billion into the economy over the past few days indicates that its monetary policy efforts are working positively.”
On the increasing exchange rate value of the Naira at the FX markets, the Acting Director pointed out that the positive development was also based on the apex bank governor’s determination to ensure the local currency’s competitive pricing against other foreign currencies in the FX markets.
Available data on the FX markets’ pricing trend showed that the Naira had been appreciating in recent trading sessions, trading at N1,309/$1 as of Thursday, up from the N1,611/$1 rate it traded about 10 days ago.
While stressing that Thursday’s rate signified that the Naira was headed in the right direction, Sidi-Ali assured that the apex bank would remain committed to ensuring the stability of the market and the appropriate pricing of the Naira against other major currencies worldwide.
