The naira exchanged at N1,507.83 per dollar on Wednesday at the official foreign exchange market, a 0.47% loss from the previous day.
The country recorded a $24 billion inflow in the first quarter of 2024, resulting in improved liquidity and a 28.9% increase in dollars supplied by willing buyers and sellers.
Olayemi Cardoso, governor of the Central Bank of Nigeria, reported a total foreign exchange inflow of $24 billion in three months and expressed optimism about the effectiveness of monetary policy tools in positively impacting the FX market.
Nigeria’s external reserves increased by 2.97% year-to-date to $33.70 billion as of June 25, 2024, providing the apex bank with the necessary firepower to defend the naira.
