CBN Interventions Maintain Naira Stability Amid 32.9% FX Inflow Decline
The Central Bank of Nigeria's interventions have helped maintain the stability of the Naira despite a sharp decline of 32.9% in foreign exchange inflows. The Naira appreciated slightly against the US dollar, closing the week at around N1.455.
The drop in FX inflows, attributed to slower oil exports and weaker portfolio investments, was offset by CBN's targeted interventions and strong reserves above $42 billion. The global weakening of the US dollar also aided emerging market currencies like the Naira, although import demand pressures persist.
Plus234Feed summary based on reporting from The Will. Read the original report below.
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