Posted 3/30/2024, 2:20:25 PM
Nigeria Sees $1.5B Inflows, Naira Gains as CBN Bolsters Economy
- Nigeria's economy sees $1.5 billion inflow in one week due to CBN interventions
- CBN injects funds to stabilize foreign exchange market; naira strengthens to N1,309/$1
- CBN sells dollars to Bureau De Change operators at favorable rate of N1,251/$
- CBN governor says all foreign exchange backlogs cleared; liquidity to increase
- CBN hikes interest rate to 24.75% in March, may moderate inflation but lead to job cuts