Boost for naira as CBN confirms Nigeria received $1.8bn inflow in one week
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The governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, confirmed that Nigeria received $1.8 billion in Forex inflows in the second week of February 2024. The inflow is expected to boost the performance of the naira against the US dollar. Cardoso stated that the positive outlook had been confirmed by economic ratings agencies such as the International Monetary Fund (IMF) and Fitch Ratings. The CBN will convene a national monetary policy meeting to decide on further economic reforms. Former Vice President Atiku Abubakar criticized the FX reforms, stating that they were done in a hurry and led to the devaluation of the naira. The Federal Government of Nigeria has secured $30 billion in investment commitments from international and domestic investors. The investments are already underway, but the beneficiary sectors were not disclosed.

#Nigeria #CentralBankOfNigeria #ForexInflow #Naira #EconomicReforms #Investment

https://www.legit.ng/business-economy/economy/1579561-cbn-governor-cardoso-confirms-nigeria-witnessed-18bn-fx-inflow-fg-secures-30bn-investment/