Nigerian Economy Shows Signs of Progress Amid CBN Policies to Strengthen Naira and Control Inflation

• Over $1.5 billion came into the Nigerian economy in recent days according to CBN data, indicating its policies are working • The naira has continued to gain against the dollar, trading at 1,309/$1 on Friday compared to 1,611/$1 in early March • The CBN held its 294th MPC meeting this week, raising benchmark interest rates by 2% to 24.75% to match inflation • The CBN says it has cleared all verified foreign exchange backlogs, expecting improved forex market liquidity • The CBN governor said increased rates aim to stabilize the economy and expects they won't need to be high for long