CBN Policies Lead to $1.5B Inflow, Naira Appreciation, Interest Rate Hike

• CBN recorded over $1.5 billion inflow into Nigerian economy recently

• Inflow resulted from CBN's efforts to stabilize foreign exchange market

• Naira has continued to appreciate against dollar, now trading at N1,309/$1 versus N1,611/$1 in March

• CBN raised interest rate by 200 basis points to 24.75% to bring it closer to inflation rate

• CBN governor said interest rate hike is temporary to moderate exchange rate until it reaches sustainable level