Inflow Fails to Boost Naira: $24bn Not Enough
Despite $24 billion in foreign exchange inflows in the first quarter of 2024, the Nigerian naira remained weak on Wednesday, trading between N1,498 and N1,505 per dollar in the parallel market. Central Bank of Nigeria Governor Olayemi Cardoso highlighted the significant inflows, including $5.95 billion in June from the World Bank and Afreximbank, but noted ongoing depreciation. The naira’s value dropped by 0.71 percent from N1,490.20 to N1,500.79 in the Nigerian Autonomous Foreign Exchange Market. Despite the positive impact of CBN’s monetary policy tools, the naira’s stability remains a challenge.
