The Central Bank of Nigeria said it injected while over $1.5 bn into the economy over the past few days, in an effort to rescue the naira and prevent it from further depreciating.
In other words, at the rate the naira was losing value, the CBN rose to the occasion with a short time measure to defend the naira.
While appraising the gains of the intervention on the economy, the CBN’s acting Director, Corporate Communications Department, Mrs. Sidi Ali in a statement on Friday said that data available to the bank indicated that the inflow resulted from the bank’s effort to stabilise the foreign exchange market.
Ali said the naira has also continued to record gains in the Autonomous Foreign Exchange market as it traded at N1,309/$1 as against N1,611/$1 in the second week of March 2024.
Ali explained that the exchange rate between the naira and dollar closed at N1,534/$1 on the official NAFEM market on Monday, February 12, 2024 and that the current value of the naira shows a considerable appreciation.
