The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, announced that Nigeria recorded a total foreign exchange inflow of approximately $24 billion in the first quarter of 2024. 

This revelation was made during an interview with Bloomberg TV on Tuesday.

Cardoso highlighted that this inflow represents a substantial increase, about 50% higher than the inflows recorded in previous quarters up to 2021. The governor attributed this positive trend to the effective monetary policy tools employed by the apex bank to address challenges in the forex market.

“The days of excessive naira volatility are over,” Cardoso declared, emphasizing the impact of the CBN’s policies. He noted that the bank’s strategies have begun to yield results, particularly in curbing inflationary pressures that have plagued the Nigerian economy.

Cardoso pointed out that the current inflation rate stands at 33.69 percent but is showing signs of improvement. He credited the decline to the CBN’s policy measures aimed at stabilizing the economy. “The inflationary pressure has started dropping, which is a testament to our efforts,” he stated.

During the 20-minute interview, Cardoso discussed the deceleration in month-on-month inflation rates, describing it as a positive development for the nation’s economy. He assured that the CBN’s Monetary Policy Committee (MPC) members remain vigilant in monitoring inflation trends and are committed to further moderating inflation numbers.

The governor’s statements come at a time when Nigeria is working to strengthen its economic position amidst global financial uncertainties. The increase in foreign exchange inflows and the reduction in inflationary pressures are seen as crucial steps towards achieving economic stability and growth.

Cardoso’s remarks have been received positively by market analysts and economic experts, who see the CBN’s proactive measures as instrumental in addressing the volatility of the naira and stabilizing the forex market.

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